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Home»BITCOIN NEWS»Polygon Rises To $1 And The Bullish Aren’t Over Yet
BITCOIN NEWS

Polygon Rises To $1 And The Bullish Aren’t Over Yet

By Crypto FlexsFebruary 19, 20243 Mins Read
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Polygon Rises To  And The Bullish Aren’t Over Yet
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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