MATIC Price Update
MATIC price has experienced a surge of over 15%, currently trading near $0.85. The Polygon bulls are leading the charge, and there are indications they might set their sights on the $1.00 level.
Technical Analysis
MATIC price initiated a strong uptrend above the $0.75 resistance against the US dollar. Presently, it is trading above $0.78 and the 100 simple moving average (4 hours).
- Key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $0.850 and $0.880 resistance levels.
Polygon Price Movement
After establishing a base above the $0.65 level, Polygon’s price exhibited a robust uptrend, surpassing hurdles near $0.70 and entering a positive zone akin to Bitcoin and Ethereum.
- Move above the $0.75 resistance led to a climb of over 15%, testing the $0.850 resistance zone.
- Although there was a sharp decline below $0.820, the bulls remained active above the $0.750 support zone.
Current Price Levels
MATIC is currently trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level, with the first major resistance at $0.880. An upside break above $0.880 could pave the way for further upward movement.
- Next major resistance levels are at $0.920, $0.980, and the crucial $1.00 mark.
Potential Downside
If MATIC fails to breach the $0.850 resistance, a downside correction may occur. Immediate support on the downside is near the $0.800 level, followed by the main support at $0.775 or the trend line. A break below $0.775 could open doors for a decline toward $0.720, with the next significant support at $0.700.
Technical Indicators
- 4 hours 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.
Major Levels
- Major Support Levels – $0.800 and $0.775.
- Major Resistance Levels – $0.850, $0.880, and $0.980.
