MATIC price started a fresh increase from the $1.12 support zone. Polygon bulls seem to be aiming more gains towards the $1.50 resistance zone.
- MATIC price started a fresh rally above the $1.25 resistance against the US dollar.
- The price is trading above $1.25 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1.255 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise towards the $1.45 and $1.50 resistance levels.
Polygon’s MATIC Price Rallies 10%
In the past few sessions, polygon’s price saw a strong increase above the $1.20 zone. MATIC gained pace for a clear move above the $1.25 resistance zone.
Besides, there was a break above a key bearish trend line with resistance near $1.255 on the 4-hours chart of the MATIC/USD pair. The price is up over 10% and trading above the $1.35 resistance zone, similar to bitcoin and ethereum.
MATIC price is trading above $1.30 and the 100 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.398 level. It is near the 1.236 Fib extension level of the downward move from the $1.349 swing high to $1.137 low.
The first major resistance is forming near the $1.40 zone. If there is an upside break above the $1.40 resistance level, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.45 level or even $1.48.
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The 1.618 Fib extension level of the downward move from the $1.349 swing high to $1.137 low is also near $1.48, above which the price may perhaps revisit $1.50.
Dips Supported in MATIC?
If MATIC price fails to rise above the $1.398 and $1.40 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.348 level.
The main support is near the $1.255 level or trend line. A downside break below the $1.255 level could open the doors for a fresh decline towards $1.222. The next major support is near the $1.20 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 60 level.
Major Support Levels – $1.30 and $1.255.
Major Resistance Levels – $1.40, $1.48 and $1.50.