Current MATIC Price Trends
MATIC price is currently consolidating gains above the $0.58 support zone. There are positive signs as it trades above $0.60 and the 100 simple moving average (4 hours). A key contracting triangle is forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair sourced from Kraken. To gain bullish momentum, Polygon needs to clear the $0.650 resistance zone.
Polygon’s Recent Performance
After establishing a base above $0.50, Polygon’s price experienced a steady increase. It broke several hurdles near $0.550, similar to Bitcoin and Ethereum. The price surged above $0.60 and reached as high as $0.6646. Despite a minor downside correction below $0.640, MATIC remains above the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.
Price Predictions and Key Levels
If MATIC manages to break the immediate resistance at $0.640 and the subsequent hurdle at $0.650, it could continue its upward trajectory. A clear move above $0.665 might trigger a steady increase, potentially reaching the $0.680 level or even $0.700.
If the price fails to rise above $0.640, a downside correction may occur. The first support lies at $0.6100, followed by a major support near $0.584 or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A break below $0.584 could lead to a decline toward $0.550.
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.
Conclusion
Considering the current trends and key levels, Polygon’s MATIC price shows potential for an upside move towards $0.70. Traders should closely monitor the $0.640 and $0.650 resistance levels as they are crucial for determining the future price action of MATIC.
