MATIC price is up over 15% and trading near $0.85. Polygon bulls are in charge, and they might soon aim for a move toward the $1.00 level.
MATIC price started a strong increase above the $0.75 resistance against the US dollar.
The price is trading above $0.78 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.850 and $0.880 resistance levels.
Polygon Price Signals Breakout
After forming a base above the $0.65 level, Polygon’s price started a strong increase. MATIC broke many hurdles near $0.70 to move into a positive zone, like Bitcoin and Ethereum.
There was a move above the $0.75 resistance and the price climbed over 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price saw a downside correction. There was a sharp decline below the $0.820 level.
The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the $0.750 support zone.
There is also a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.
MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level. The first major resistance is near the $0.880 level. If there is an upside break above the $0.880 resistance level, the price could continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $0.920. A clear move above the $0.920 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.980 level or $1.00.
Downside Correction in MATIC?
If MATIC’s price fails to rise above the $0.850 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.800 level.
The main support is near the $0.775 level or the trend line. A downside break below the $0.775 level could open the doors for a fresh decline toward $0.720. The next major support is near the $0.700 level.
Technical Indicators
4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major Support Levels – $0.800 and $0.775.
Major Resistance Levels – $0.850, $0.880, and $0.980.
