- MATIC’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.95 with eyes set on $1.
- MATIC has an issue with MATIC and is above 61.8% Fibonacci and trending higher up to $1.
- MATIC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
The Polygon price (MATIC), has stood out during these past weeks. While the prices of Bitcoin (BTC) and Ethereum (ETH) struggled to maintain their key support, Polygon’s (MATIC), price showed strength and held above the $0.77 area. Over the past few days, the crypto market looked better with Ethereum and Bitcoin (BTC). MATIC’s price is rallying from $0.83 to a region of $0.95 as the price aims to take the market by its horn. Data from Binance
Polygon (MATIC), Price Analysis on The Weekly Chart
Polygon’s bullish momentum has been eroded in recent months. Despite the uncertainties that have befallen cryptospace, MATIC price held firm as it defended $0.77, its support zone.
MATIC’s price had struggled to replicate its rally that took the price of MATIC to an all-time high of $3 before it faced rejection to trend higher.
MATIC traded in a wide range of prices for many weeks, but it was difficult to trade because there wasn’t enough volume. Finally, MATIC showed movement. MATIC rallied from $0.75-$0.85 weekly low and ended higher after several week.
Weekly resistance for the price of MATIC – $1.
Weekly Support for the price of MATIC – $0.77.
Analyse of Price for MATIC On the Daily (1D) Chart
MATIC’s daily price action continues to be bullish. It reached a peak of $0.95, before falling back to $1.
MATIC’s price must rise to $0.97 and remain above that level for prices to continue trending higher. That is an important supply zone for many traders.
The Fibonacci retracement (Fib) value of 61.8% indicates MATIC’s price faced a rejection to trend higher as the price tried to break above this key value. According to the Fib value, $0.97 is 0.97. A rally could be possible to $1-$1.2, if MATIC’s price closes higher than this level.
Daily resistance for the MATIC price – $1.
Daily Support for the MATIC price – $0.85.
Featured Image from zipmex. Charts From Tradingview
