MATIC price rose more than 5% and tested the $0.950 resistance. Polygonal bulls are in complete control and can target more upside above $1.00.
- MATIC price began a new rise above the $0.920 resistance level against the US dollar.
- The price is trading above $0.925 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the MATIC/USD pair, there is a break above the main bearish trendline at $0.9150, which is the resistance level (data source from Kraken).
- Removing the $0.9720 resistance line could allow the pair to continue rising.
Polygon prices begin a new hike
After forming a base above the $0.8620 level, Polygon’s price began a new rise. MATIC has cleared many hurdles near $0.880 and $0.8950 to move into positive territory like Bitcoin and Ethereum.
There was also movement above the $0.90 resistance line and the 100 simple moving average (4 hours). Bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low.
Moreover, on the 4-hours chart of the MATIC/USD pair, there was a break above the main bearish trend line at the resistance level of $0.9150. MATIC is trading above $0.9250 and the 100 simple moving average (4-hours).
Immediate resistance is near the $0.960 area. The first major resistance is near the $0.9720 level or the 50% Fib retracement level of the downside move from the $1.0854 swing high to the $0.8612 low. If there is an upside breakout above the $0.9720 resistance level, the price may continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $1.00. A clear break above the $1.00 resistance could begin a steady rise. If indicated, the price may attempt to move towards the $1.100 or $1.150 levels.
Are Dips limited in MATIC?
If the price of MATIC fails to rise above the $0.9720 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.915 level and the same trend line.
Key support is near the $0.880 level. A break below the $0.880 level could open the door for a new decline towards $0.8620. The next major support is near the $0.8250 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 – $0.9150 and $0.880.
Key resistance levels – $0.9720, $1.00 and $1.15.
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