Polygons MATIC Targeting $1 in Recovery Projection

Polygons MATIC Targeting $1 in Recovery Projection


Polygon’s MATIC price attempts recovery above $0.86 resistance with a bullish trend line break; could continue to rise if it clears $0.90 resistance zone.

  • MATIC price is attempting a recovery wave over the $0.86 resistance against the United States dollar.
  • The price is trading over $0.86 and the 100 simple moving average (4 hours).
  • There was a break over a key bearish tendency line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to boost if it clears the $0.90 resistance zone.

Polygon’s MATIC Price Attempts Recovery

In the recent days, Polygon’s price saw a steady decline from well over $1.00. MATIC declined below the $0.900 support to move into a bearish zone.

A low is formed near $0.8206 and the price is now attempting a recovery wave, similar to Bitcoin (BTC) and Ethereum (ETH). The price was able to go up over $0.850. Furthermore, there was a break over a key bearish tendency line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair.

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It broke the 23.6 percent Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. MATIC price is now trading over $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.

If there is an upside break over the $0.90 resistance level, the price could continue to recover. The following major resistance is near $0.95 or the 61.8 percent Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low.

Source: MATICUSD on TradingView.com

A clear move over the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00.

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Fresh Decline in MATIC?

If MATIC’s price fails to boost over the $0.90 resistance level, it  can potentially start a fresh decline. Immediate support on the downside is near the $0.88 level.

The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline toward $0.82. The following major support is near the $0.80 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the positive  tendency zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now over the 50 level.

Major Support Levels – $0.88 and $0.865.

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Major Resistance Levels – $0.90, $0.95, and $1.00.

Source

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