MATIC prices started to rise steadily from $0.720 support. Polygon buyers may now be looking to push for the $1.00 resistance.
- MATIC prices are rising above $0.80 against the US Dollar.
- It is trading at $0.800, which is well above the simple moving average of 100 (4-hours).
- The MATIC/USD pair saw a breakout above its major bearish trendline with resistance at $0.810 (data source: Kraken).
- It is possible that the pair will continue its rise, and may soon surpass $1.00 resistance.
New Price Increase for Polygon
After a major decline, polygon’s price found support near the $0.720 zone. MATIC’s price reached $0.720, and then began to rise steadily.
The price moved above the $0.755/ $0.788 resistance levels. Price climbed higher than the 50% Fib level of the decline from $0.8602 swing low to $0.7147 high. A break was seen above a significant bearish trend line, with resistance at $0.810 in the 4 hour chart of MATIC/USD.
Today, the price traded well above $0.800. The 100-hour simple moving average is also trading. Like bitcoin and other cryptocurrencies, it is also showing positive indicators above $0.8602 which was its last swing high.
A resistance zone is located near $0.895 on the upside. Near the $0.950 area is the first significant resistance. This resistance is near the 1.618 Fib extension of the downward movement from $0.8602 high to $0.7147 low.
Source: MATICUSD at TradingView.com
The $1.000 mark is the main resistance. The upside breakout above the $1.00 and $0.950 resistance levels could lead to a sharp increase in the price. If the previous scenario is true, then the price can rise steadily to the $1.12 level.
Is there a new decline in MATIC?
MATIC could see a correction if it falls below $0.90 or $0.95. The $0.840 level is a support area for the downside.
Main support lies near the $0.800 level, and the simple moving average of 100 (4-hours). The possibility of a downside breakout below $0.800 could allow for another decline to $0.750. Near the $0.720 level is the next support.
Technical indicators
4-hours MACD – The MACD for MATIC/USD is slowly 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 – $0.840 and $0.800.
Major Resistance Levels – $0.900, $0.950 and $1.00.