The MATIC price is up over 15% and is trading around $0.85. Polygon bulls are in charge and could aim for a move towards the $1.00 level soon.
- MATIC price started a strong rise above the $0.75 resistance against the US dollar.
- The price is trading above USD 0.78 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the USD 0.850 and USD 0.880 resistance levels.
Polygon price signals breakout
After forming a base above the $0.65 level, Polygon’s price started to rise sharply. MATIC has broken many hurdles near $0.70 to move into a positive zone, such as Bitcoin and Ethereum.
There was a move above the $0.75 resistance and the price climbed more than 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price underwent a downward correction. There was a sharp decline below the USD 0.820 level.
The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the USD 0.750 support zone.
There is also a major bullish trendline forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trendline is close to the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.
MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). The immediate resistance is near the USD 0.850 level. The first major resistance is around the $0.880 level. If there is an upside break above the USD 0.880 resistance level, the price could continue rising.
Source: MATICUSD on TradingView.com
The next major resistance is near USD 0.920. A clear move above the USD 0.920 resistance could trigger a steady rise. In the mentioned case, the price might even try to make a move towards the USD 0.980 or USD 1.00 level.
Disadvantage correction in MATIC?
If MATIC price fails to rise above the USD 0.850 resistance level, a downside correction could occur. The immediate downside support is near the $0.800 level.
The key support is near the $0.775 level or trendline. A downside break below the USD 0.775 level could open the doors for another decline towards USD 0.720. The next major support is near the $0.700 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 0.800 and USD 0.775.
Major resistance levels – $0.850, $0.880 and $0.980.
