MATIC price is consolidating gains above the $0.58 support zone. Polygon could gain bullish momentum if it breaks the USD 0.650 resistance zone.
- MATIC price is showing positive signs below the USD 0.65 resistance against the US Dollar.
- The price is trading above USD 0.60 and the 100 simple moving average (4 hours).
- A major contracting triangle is forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the USD 0.640 and USD 0.650 resistance levels.
Polygon’s MATIC price aims higher
After forming a base above the $0.50 level, Polygon’s price started to rise steadily. MATIC has broken many hurdles near USD 0.550 to move into a positive zone, such as Bitcoin and Ethereum.
There was a move above the USD 0.60 resistance and the price climbed to USD 0.6646. Recently, there was a small downward correction below the USD 0.640 level. The price fell below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.
MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a major contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.
Source: MATICUSD on TradingView.com
The immediate resistance is near the $0.640 level. The first major resistance is around the $0.650 level. If there is an upside break above the USD 0.650 resistance level, the price could continue rising. The next major resistance is near USD 0.665. A clear move above the USD 0.665 resistance could trigger a steady rise. In the mentioned case, the price might even try to make a move towards the $0.680 level or $0.700.
Disadvantage correction in MATIC?
If MATIC price fails to rise above the USD 0.640 resistance level, a downside correction could occur. The immediate downside support is near the $0.6100 level.
The key support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the USD 0.584 level could open the doors for another decline towards USD 0.550. The next major support is near the USD 0.532 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 – $0.610 and $0.584.
Major resistance levels – $0.640, $0.650 and $0.700.
