MATIC price is up over 10% and it tested the $1.00 resistance. Polygon bulls are in full control, and they might aim for more upsides above $1.00.
- MATIC price started a fresh increase above the $0.850 resistance against the US dollar.
- The price is trading above $0.95 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to move up if it clears the $1.00 resistance.
Polygon Price Starts Fresh Surge
After forming a base above the $0.80 level, Polygon’s price started a fresh increase. MATIC cleared many hurdles near $0.880 and $0.900 to move into a positive zone, like Bitcoin and Ethereum.
There was also a move above the $0.92 resistance and the 100 simple moving average (4 hours). Finally, it tested the $1.00 resistance. A multi-week high is formed near $1.000 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move 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 key bullish trend line forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair.
Immediate resistance is near the $0.995 zone. The first major resistance is near the $1.00 level. If there is an upside break above the $1.00 resistance level, the price could continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $1.08. A clear move above the $1.08 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.120 level or $1.150.
Are Dips Limited in MATIC?
If MATIC’s price fails to rise above the $1.00 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.955 level and the trend line.
The main support is near the $0.900 level or the 50% Fib retracement level of the upward move from the $0.8185 swing low to the $1.00 high. A downside break below the $0.900 level could open the doors for a fresh decline toward $0.850. The next major support is near the $0.800 level.
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 Support Levels – $0.955 and $0.900.
Major Resistance Levels – $1.00, $1.08, and $1.12.
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Author: Aayush Jindal
