The MATIC price started a new increase from the $0.920 support zone. Polygon bulls are currently targeting more above the $1.12 resistance zone.
- MATIC price started a new rally above the $0.98 resistance against the US dollar.
- The price is trading above $0.98 and the moving average is 100 simple (4 hours).
- There is a break above the key contract triangle with resistance near $1.02 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair may continue to rise towards the resistance levels of $1.18 and $1.20.
MATIC Polygon Price Above $1
This week, the polygon price formed a strong base above the $0.900 zone. MATIC remained stable and started to increase fresh above the $0.95 resistance zone.
There is a strong move above the $1.0 level and the 100 simple moving average (4-hours). Additionally, there is a break above the key contract triangle with resistance near $1.02 on the 4-hour chart of the MATIC/USD pair.
The price traded to a new yearly high at $1.1298 and is now consolidating gains. Trading above $0.98 and 100 moving average (4 hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to the $1.129 high.
It is up over 10% on the day, outperforming bitcoin and ethereum. On the upside, immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.
Source: MATICUSD on TradingView.com
If there is a break above the resistance level of $ 1.12 and $ 1.15, the price can start to increase more strongly. In that case, the price could rise further to the $1.20 level.
Limited Dips in MATIC?
If the price of MATIC fails to rise above the resistance level of $1.12 and $1.15, it can start a downward correction. Immediate support at the bottom near the $1,080 level.
The main support is near the $1,050 level or the 50% Fib retracement level of the upward move from the $0.942 swing to the $1,129 high. A downside break below the $1,050 level could open the door to a new decline to $0.98. The next major support is near the $0.92 level.
Technical Indicators
4-hour MACD – MACD for MATIC/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – RSI for MATIC/USD is currently above the 50 level.
Key Support Levels – $1.05 and $0.98.
Key Resistance Levels – $1.12, $1.15 and $1.20.