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Home»Analysis»Polygon rallies to $1 and the bulls aren’t done yet
Analysis

Polygon rallies to $1 and the bulls aren’t done yet

2024-02-19No Comments3 Mins Read
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MATIC price is up over 10% and has tested the $1.00 resistance. Polygon bulls are in full control and may be aiming for more gains above $1.00.

  • MATIC price started a fresh rise above the $0.850 resistance against the US dollar.
  • The price is trading above USD 0.95 and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair (Kraken data source).
  • The pair could continue to rise if it breaks the $1.00 resistance.

Polygon price starts new increase

After forming a base above the $0.80 level, Polygon’s price started rising again. MATIC has overcome many hurdles near USD 0.880 and USD 0.900 to move into a positive zone, such as Bitcoin and Ethereum.

There was also a move above the resistance at $0.92 and the 100 simple moving average (4-hours). Finally, it tested the $1.00 resistance. A multi-week high is forming near $1,000 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.8185 swing low to the $1.00 high.

MATIC is trading above USD 0.950 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair.

The immediate resistance is near the $0.995 zone. The first major resistance is around the $1.00 level. If there is an upside break above the $1.00 resistance level, the price may continue to rise.

MATIC price forecast

Source: MATICUSD on TradingView.com

See also  It's early days for Chainlink (LINK) and one Ethereum rival, as more rallies are on the horizon, according to analysts

The next major resistance is near $1.08. A clear move above the $1.08 resistance could trigger a steady rise. In the said case, the price might even try to make a move towards the $1,120 level or $1,150.

Are dips limited in MATIC?

If MATIC price fails to rise above the $1.00 resistance level, a downward correction could occur. The immediate downside support is near the $0.955 level and the trendline.

The key support is near the $0.900 level or the 50% Fib retracement level of the upward move from the $0.8185 swing low to the $1.00 high. A downside break below the USD 0.900 level could open the doors for another decline towards USD 0.850. The next major support is near the $0.800 level.

Technical indicators

4-hour MACD – The MACD for MATIC/USD is gaining strength in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major support levels – USD 0.955 and USD 0.900.

Major resistance levels – $1.00, $1.08 and $1.12.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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