MATIC price rose over 10% and tested $1.00 resistance. Polygonal bulls are in complete control and can target more upside above $1.00.
- MATIC price started a new rise above the $0.850 resistance level against the US dollar.
- The price is trading above $0.95 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the MATIC/USD pair, there is a major bullish trendline forming around support at $0.958 (data source from Kraken).
- A break above the $1.00 resistance level could see the pair continue to rise.
Polygon prices begin a new surge
After forming a base above the $0.80 level, Polygon’s price began a new rise. MATIC has cleared many hurdles near $0.880 and $0.900 to move into positive territory like Bitcoin and Ethereum.
There was also movement above the $0.92 resistance line and the 100 simple moving average (4 hours). Finally, $1.00 resistance was tested. A multi-week high was made near $1.000 and the price is consolidating an advance above the 23.6% Fib retracement level, rising from the $0.8185 swing low to the $1.00 high.
MATIC is trading above $0.950 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $0.958 on the 4-hours chart of the MATIC/USD pair.
Immediate resistance is near the $0.995 area. The first major resistance is near the $1.00 level. If there is a reversal above the $1.00 resistance, the price may continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $1.08. A clear break above the $1.08 resistance could begin a steady rise. If indicated, the price may attempt to move towards the $1.120 or $1.150 levels.
Are Dips limited in MATIC?
If the price of MATIC fails to rise above the $1.00 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.955 level and trend line.
Key support is near the $0.900 level or the 50% Fib retracement level of the rise from the $0.8185 swing low to the $1.00 high. A break below the $0.900 level could open the door for a new decline towards $0.850. The next major support is near the $0.800 level.
technical indicators
4-Hour MACD – The MACD for MATIC/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Key support levels – $0.955 and $0.900.
Key resistance levels – $1.00, $1.08, $1.12.
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