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Bulls Aim Fresh Rally To $1.12

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MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone.

  • MATIC price started a decent increase above the $0.90 resistance against the US dollar.
  • The price is trading above $0.90 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $1.00 and $1.12 resistance levels.

Polygon’s MATIC Price Eyes Steady Increase

This past month, polygon’s price declined below the $1.0 support zone. MATIC even broke the $0.85 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.765 support zone. A low was formed near $0.7642 and the price started a decent recovery wave. The price was able to clear the $0.80 and $0.85 resistance levels. There was a break above the 23.6% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Besides, there was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair. The pair is now trading above $0.90 and the 100 simple moving average (4-hours).

It gained over 5% today, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.9580 level. The first major resistance is forming near the $1.00 zone. It is near the 50% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Source: MATICUSD on TradingView.com

If there is an upside break above the $0.98 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.12 level.

Dips Limited in MATIC?

If MATIC price rise above the $0.958 and $1.00 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.90 level.

The main support is near the $0.850 level and the 100 simple moving average (4-hours). A downside break below the $0.850 level could open the doors for a fresh decline towards $0.80. The next major support is near the $0.725 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 in the overbought zone.

Major Support Levels – $0.90 and $0.85.

Major Resistance Levels – $0.95, $0.98 and $1.00.

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