Polygon (MATIC) Forecast: Anticipating a 15% Surge as Bulls Set Their Sights on $1

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.

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