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Home»Altcoins»Polygon signals recovery to $0.75
Altcoins

Polygon signals recovery to $0.75

2023-06-22No Comments3 Mins Read
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MATIC price is recovering from the $0.55 support zone. Polygon could rise further towards the $0.725 and $0.750 resistance levels.

  • MATIC price is attempting a recovery wave above the $0.60 resistance against the US dollar.
  • The price is trading above $0.64 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trendline with resistance near USD 0.605 on the MATIC/USD pair’s 4-hour chart (data source from Kraken).
  • The pair could continue to rise if it crosses the $0.725 resistance zone.

Polygon’s MATIC price is trying to recover

In the past few days, the price of Polygon saw a major drop well above $0.80. MATIC dropped below the $0.750 support to move into a bearish zone.

A low is formed near USD 0.5432 and the price is now trying to climb again similar to Bitcoin and Ethereum. The price was able to climb above $0.60. In addition, there was a break above a key bearish trendline with resistance near $0.605 on the MATIC/USD pair’s 4-hour chart.

It broke the 23.6% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low. The MATIC price is now trading above $0.64 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.725 level.

If there is an upside break above the $0.725 resistance level or the 50% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low, the price could continue to recover. The next major resistance is near $0.78.

See also  Polygon: Can POL bounce back to $0.57 if whale supply shifts?

MATIC Price Prediction

Source: MATICUSD at TradingView.com

A clear move above the $0.78 resistance could trigger a steady rise. In the said case, the price might even try to move towards the $0.80 or $0.82 level.

New decline in MATIC?

If the price of MATIC fails to rise above the $0.725 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.65 level.

The main support is near the USD 0.625 level. A downside break below the $0.625 level could open the door for another drop towards $0.60. The next major support is near the $0.55 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 – $0.65 and $0.625.

Key resistance levels – $0.725, $0.75 and $0.78.

Source link

Polygon Recovery Signals
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