Polygon Price Breakout
After establishing a base above $0.65, Polygon’s price surged, breaking through several barriers to reach a positive zone alongside Bitcoin and Ethereum. It surpassed the $0.75 resistance, resulting in a 15% increase and testing the $0.850 resistance zone, reaching a high near $0.8588 before experiencing a slight decline below $0.820.
Despite this, the bulls remained active above the $0.750 support zone, with a key bullish trend line forming around $0.775 on the 4-hour MATIC/USD chart, near the 61.8% Fib retracement level of the upward wave from $0.6952 to $0.8588.
MATIC is now trading above $0.78 and the 100 simple moving average (4 hours), with immediate resistance near the $0.850 level, followed by major resistance at $0.880 and potentially reaching $0.920 before attempting to move towards $0.980 or even $1.00.
Source: MATICUSD on TradingView.com
Downside Correction in MATIC?
If MATIC fails to surpass the $0.850 resistance level, it may undergo a downside correction, finding immediate support near $0.800 and main support at $0.775 or the trend line, potentially leading to a fresh decline towards $0.720 and major support at $0.700.
Technical Indicators
4 hours MACD – The MACD for MATIC/USD is gaining bullish momentum.
4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major Support Levels – $0.800 and $0.775.
Major Resistance Levels – $0.850, $0.880, and $0.980.
Hot Take: Polygon Continues Bullish Trend
Polygon’s price has shown impressive bullish momentum recently, breaking through key resistance levels and establishing strong support zones along the way. With technical indicators signaling positive trends, there is potential for further upward movement as long as it maintains crucial support levels.
By
By
By