MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone.
- MATIC price started a decent increase above the $0.90 resistance against the US dollar.
- The price is trading above $0.90 and the 100 simple moving average (4-hours).
- There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise towards the $1.00 and $1.12 resistance levels.
Polygon’s MATIC Price Eyes Steady Increase
This past month, polygon’s price declined below the $1.0 support zone. MATIC even broke the $0.85 support zone and the 100 simple moving average (4-hours). However, the bulls were active near the $0.765 support zone. A low was formed near $0.7642 and the price started a decent recovery wave. The price was able to clear the $0.80 and $0.85 resistance levels. There was a break above the 23.6% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low. Besides, there was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair. The pair is now trading above $0.90 and the 100 simple moving average (4-hours).It gained over 5% today, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.9580 level. The first major resistance is forming near the $1.00 zone. It is near the 50% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.
