MATIC price is recovering from the $0.82 support zone. Polygon may continue to rise, but a major barrier is forming near the $1.00 zone.
- MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar.
- The price is trading above $0.86 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.880 on the MATIC/USD pair’s 4-hour chart (data source from Kraken).
- The pair could continue to rise if it crosses the $0.90 resistance zone.
Polygon’s MATIC price is trying to recover
Over the past few days, Polygon’s price has seen a steady decline from well above $1.00. MATIC dropped below the $0.900 support to move into a bearish zone.
A low is forming near USD 0.8206 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to move above $0.850. In addition, there was a break above a key bearish trendline with resistance near $0.880 on the MATIC/USD pair’s 4-hour chart.
It broke the 23.6% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. The MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.
If there is an upside break above the $0.90 resistance level, the price may continue to recover. The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low.
Source: MATICUSD at TradingView.com
A clear move above the $0.95 resistance could trigger a steady rise. In the said case, the price might even try to move towards the $0.985 or $1.00 level.
New decline in MATIC?
If the price of MATIC fails to rise above the $0.90 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.88 level.
The main support is near the $0.865 level. A downside break below the $0.865 level could open the door for another drop towards $0.82. The next major support is near the $0.80 level.
Technical indicators
4am 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 50 level.
Main Support Levels – $0.88 and $0.865.
Main resistance levels – $0.90, $0.95 and $1.00.