MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone.
- MATIC price started a fresh rally above the $0.98 resistance against the US dollar.
- The price is trading above $0.98 and the 100 simple moving average (4-hours).
- There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise towards the $1.18 and $1.20 resistance levels.
Polygon’s MATIC Price Rallies Above $1
This week, polygon’s price formed a strong base above the $0.900 zone. MATIC remained stable and started a fresh increase above the $0.95 resistance zone.
There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.
The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high.
It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.
Source: MATICUSD on TradingView.com
If there is an upside break above the $1.12 and $1.15 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.
Dips Limited in MATIC?
If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.080 level.
The main support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. A downside break below the $1.050 level could open the doors for a fresh decline towards $0.98. The next major support is near the $0.92 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 above the 50 level.
Major Support Levels – $1.05 and $0.98.
Major Resistance Levels – $1.12, $1.15 and $1.20.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://newsbtc.com/analysis/matic-analysis/matic-price-prediction-1-20/
- 100
- 98
- a
- above
- against
- Aiming
- and
- Another
- average
- base
- below
- Big
- Break
- Bullish
- Bulls
- case
- Chart
- consolidating
- continue
- contracting
- could
- Currently
- data
- day
- Decline
- Dollar
- doors
- downside
- fails
- First
- formed
- fresh
- fresh increase
- from
- gaining
- Gains
- High
- HTTPS
- immediate
- in
- Increase
- index
- IT
- Key
- Kraken
- Level
- levels
- Limited
- Low
- MACD
- Main
- major
- Matic
- MATIC price
- MATIC/USD
- max-width
- Momentum
- more
- move
- moving
- moving average
- Near
- New
- next
- open
- outperforming
- plato
- Plato Data Intelligence
- PlatoData
- Polygon
- Polygon’s
- prediction
- price
- Price Prediction
- rallies
- rally
- relative strength index
- remained
- Resistance
- retracement
- Rise
- rsi
- Simple
- Source
- stable
- start
- started
- stated
- strength
- strong
- support
- support levels
- The
- to
- towards
- traded
- Trading
- TradingView
- Upside
- upward
- us
- US Dollar
- week
- zephyrnet