The price of MATIC is holding steady, staying above the support level of $0.58. If it manages to surpass the resistance at $0.650, Polygon could see a boost in its bullish momentum.
The price of MATIC is displaying favorable indications as it hovers below the $0.65 resistance in comparison to the US dollar. Currently, the price is trading above $0.60 and is also positioned above the 100 simple moving average on the 4-hour chart.
Notably, there is a significant contracting triangle in the making, with resistance situated around $0.640 as observed on the MATIC/USD pair’s 4-hour chart, with data sourced from Kraken. If the pair successfully surpasses the resistance levels at $0.640 and $0.650, it may potentially continue its upward trajectory.
Polygon’s MATIC Price Targets Upside Movement
After establishing a base above the $0.50 mark, Polygon’s price embarked on a consistent upward trend. MATIC overcame several obstacles, primarily around the $0.550 level, effectively transitioning into a positive zone alongside cryptocurrencies like Bitcoin and Ethereum.
This ascent led to a breakthrough past the $0.60 resistance, propelling the price to a peak of $0.6646. However, there was a minor dip below the $0.640 level in a recent correction. The price temporarily fell beneath the 23.6% Fibonacci retracement level of the upward journey from the $0.5032 swing low to the $0.6646 high.
At present, MATIC is trading above the $0.60 level and remains positioned favorably with the support of the 100 simple moving average over a 4-hour span. Furthermore, a significant contracting triangle is taking shape, featuring resistance near $0.640, observable on the 4-hour chart of the MATIC/USD pair.
Source: MATICUSD on TradingView.com
The immediate hurdle to overcome is around the $0.640 level, with the primary major resistance found at approximately $0.650. A successful breakthrough above this $0.650 resistance could set the stage for further gains. The subsequent significant resistance level to contend with is near $0.665. If the price manages to confidently breach this $0.665 resistance, it could initiate a sustained uptrend. In such a scenario, there’s potential for the price to aim for levels around $0.680 or even $0.700.
Possible Pullback in MATIC Price?
If MATIC’s price fails to surpass the $0.640 resistance, there could be a downward correction. The initial support in case of a decline is around the $0.6100 level.
The primary support level is situated near $0.584 or the 50% Fibonacci retracement level from the price’s upward journey starting at the $0.5032 swing low and reaching the $0.6646 high. Should the price dip below the $0.584 level, it might trigger a new decline toward $0.550. The following major support level is approximately $0.532.
Technical Indicators
- 4-hour MACD: The MACD for MATIC/USD is showing signs of increasing bullish momentum.
- 4-hour RSI (Relative Strength Index): The RSI for MATIC/USD is currently above the 50 level.
- Key Support Levels: $0.610 and $0.584.
- Key Resistance Levels: $0.640, $0.650, and $0.700.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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