The price of MATIC started to increase fresh from the $0.80 support zone. Polygon bulls are now targeting another rise above the $1.05 resistance zone.
- MATIC price started a decent rise above the $0.85 resistance against the US dollar.
- The price is trading above $0.92 and the moving average is 100 simple (4 hours).
- There is a key bullish trend line formed with support near $0.955 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair may continue to rise to the resistance levels of $1.08 and $1.20.
Polygon’s MATIC Price Eye More Upsides
In the last month, the price of Polygon fell below the $0.80 support zone. MATIC even broke the $0.75 support zone and the 100 simple moving average (4 hours).
However, bulls are active near the $0.70 support zone. A base was formed above the $0.75 level and the price started to increase fresh. The price can clear the resistance levels of $0.80 and $0.85. Bulls took control above the $0.90 level and the 100 simple moving average (4-hours).
Finally, the price rose above the $1.0 level, surpassing bitcoin and ethereum. A high formed near $1.05 and the price is now consolidating gains. It is trading above $0.92 and the moving average is 100 (4 hours).
MATIC price is also trading above the 23.6% Fib retracement level of the upward move from the $0.831 swing to the $1.054 high. On the upside, immediate resistance is near the $1.02 level. The first major resistance is forming near the $1.05 zone.
Source: MATICUSD on TradingView.com
If there is a break above the resistance level of $ 1.02 and $ 1.05, 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 $1.02 and $1.05, it can start a downward correction. Immediate support on the downside near the $1.0 level.
The main support is near the $0.950 level and the bullish trend line. A downside break below the $0.950 level could open the door to a new decline to $0.90. The next major support is near the $0.85 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.
Major Support Levels – $1.0 and $0.95.
Key Resistance Levels – $1.02, $1.05 and $1.20.