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.
Source: MATICUSD on TradingView.com
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.
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