Polygon Price Surges Above Key Resistance
After consolidating above the $0.80 level, Polygon’s price has experienced a fresh surge. It successfully cleared several obstacles, including $0.880 and $0.900, to enter a positive zone similar to Bitcoin and Ethereum.
The price also surpassed the $0.92 resistance and the 100 simple moving average (4 hours). It even tested the $1.00 resistance and reached a multi-week high around $1.000. Currently, the price is consolidating above the 23.6% Fib retracement level of the upward movement from the $0.8185 swing low to the $1.00 high.
MATIC is now trading above $0.950 and the 100 simple moving average (4 hours). On the 4-hour chart of the MATIC/USD pair, there is a significant bullish trend line with support at $0.958.
The immediate resistance lies near the $0.995 zone, followed by a major resistance at $1.00. If the price manages to break above this level, it could continue its upward trajectory.
Will MATIC Experience Limited Dips?
In case MATIC fails to surpass the $1.00 resistance level, it might undergo a downside correction. The initial support on the downside can be found near the $0.955 level and the trend line.
The primary support exists around the $0.900 level or the 50% Fib retracement level of the upward movement from the $0.8185 swing low to the $1.00 high. A break below this level may result in further decline towards $0.850, with subsequent support at around $0.800.
Technical Indicators
The MACD for MATIC/USD on the 4-hour chart indicates increasing momentum in the bullish zone. Additionally, the RSI for MATIC/USD has surpassed the 50 level, indicating positive market sentiment.
Major Support Levels: $0.955, $0.900
Major Resistance Levels: $1.00, $1.08, $1.12
Hot Take: Polygon’s MATIC Shows Strong Bullish Momentum
Polygon’s MATIC token has experienced a significant surge, breaking through key resistance levels and reaching multi-week highs. The price is currently consolidating above important support levels and indicators suggest further bullish momentum.
If the price manages to surpass the $1.00 resistance level, it could continue its upward movement towards $1.08 and even higher levels. However, if it fails to break above this resistance, a downside correction may occur with support levels at $0.955 and $0.900.
Overall, Polygon’s MATIC token is displaying strong bullish potential and investors should closely monitor its price movements in the coming days.
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