Why Bulls Aim $1 or Higher
MATIC price started a steady increase from the $0.720 support zone. Polygon buyers might now aim a push towards the key $1.00 resistance.
- MATIC price is gaining pace above the $0.80 level against the US dollar.
- The price is trading well above $0.800 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance at $0.810 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise and might soon test the $1.00 resistance zone.
Polygon Price Starts Fresh Increase
After a major decline, polygon’s price found support near the $0.720 zone. MATIC price formed a base above the $0.720 level and started a steady increase.
There was a clear move above the $0.755 and $0.788 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.8602 swing high to $0.7147 low. There was also a break above a major bearish trend line with resistance at $0.810 on the 4-hours chart of the MATIC/USD pair.
The price is now trading well above $0.800 and the 100 simple moving average (4-hours). It is also showing positive signs above the last swing high at $0.8602, just like bitcoin and ethereum.
On the upside, an immediate resistance is near the $0.895 zone. The first major resistance is forming near the $0.950 zone. It is close to the 1.618 Fib extension level of the downward move from the $0.8602 swing high to $0.7147 low.
Source: MATICUSD on TradingView.com
The main resistance is now forming near the $1.000 level. If there is an upside break above the $0.950 and $1.00 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $1.12 level.
Fresh Decline in MATIC?
If MATIC price fails to continue higher above the $0.90 or $0.95 levels, it could start a downside correction. An immediate support on the downside is near the $0.840 level.
The main support is near the $0.800 level and the 100 simple moving average (4-hours). A downside break below the $0.800 level could open the doors for a fresh decline towards $0.750. The next major support is near the $0.720 level.
4-hours MACD – The MACD for MATIC/USD is slowly gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major Support Levels – $0.840 and $0.800.
Major Resistance Levels – $0.900, $0.950 and $1.00.