MATIC prices rose significantly from $0.840 support. Polygon buyers drove the price to $1.20. There could still be upsides.
- MATIC prices rallied higher than the resistance levels of $1.20 and $1.00 against the US dollars.
- It is trading at well over $1.00, and above the simple moving average of 100 (4-hours).
- A key contracting triangle is seen forming at resistance level of $1.22 on the 4 hour chart for the MATIC/USD pair. Data source: Kraken
- This pair may continue rising and could soon return to the $1.50 resistance area.
Polygon’s MATIC Price Rallies Steadily
After forming a base above the $0.800 level, polygon’s price started a fresh increase. MATIC’s price moved into positive territory by breaking the $0.880 resistance and $0.980 resistance.
A strong movement was seen above the $1.00 and 100 simple moving averages (4-hours), levels. The price finally surpassed the $1.20 resistance. The price reached a high of $1.304, and it recently began a downward correction similar to that seen in bitcoin and ethereum.
The price moved below $1.22 levels and $1.20 levels. Below the 23.6% Fib Retracement level, the price fell below $0.838 swing low and $1.304 high levels.
The $1.15 threshold is still a key level for matic bulls. A key contracting triangle is also formed with resistance near $1.22 on 4-hours charts of the MATIC/USD currency pair. The $1.22 area is the immediate resistance.
Source: MATICUSD at TradingView.com
At the $1.240 area, we see the formation of the first major resistance. At the $1.300 mark, there is the main resistance. A strong rise could be possible if the upside breaks above the $1.300-$1.304 resistance levels. If the previous scenario is true, then the price can rise steadily to $1.50.
MATIC Dips Limited
MATIC could see a correction if it fails to rise above $1.22/ $1.24. Support for the downside lies near the $1.150 mark.
Support is located near $1.060. A break below $1.060 could allow for another decline to $0.950, or even the simple moving average of 100 (4-hours). Next major support will be at the $0.850 level.
Technical Indicators
4-hours MACD – The MACD for MATIC/USD is slowly losing 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 – $1.15 and $1.060.
Major Resistance Levels – $1.22, $1.24 and $1.30.
