MATIC price has risen over 5% and tested the resistance at $0.950. Polygon bulls are in full control and may be aiming for more gains above $1.00.
- MATIC price started a fresh rise above the resistance at $0.920 against the US Dollar.
- The price is trading above USD 0.925 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair (Kraken data source).
- The pair could continue rising if it breaks the resistance at $0.9720.
Polygon price starts new increase
After forming a base above the $0.8620 level, Polygon price started a new increase. MATIC has overcome many hurdles near USD 0.880 and USD 0.8950 to move into a positive zone, such as Bitcoin and Ethereum.
There was also a move above the $0.90 resistance and the 100 simple moving average (4-hours). The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low.
Additionally, there was a break above a key bearish trendline with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair. MATIC is trading above $0.9250 and the 100 simple moving average (4 hours).
The immediate resistance is near the $0.960 zone. The first major resistance is near the $0.9720 level or the 50% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low. If there is an upside break above the $0.9720 resistance level, the price could continue rising.
Source: MATICUSD on TradingView.com
The next major resistance is around $1.00. A clear move above the $1.00 resistance could trigger a steady rise. In the said case, the price might even try to make a move towards the $1,100 level or $1,150.
Are dips limited in MATIC?
If MATIC price fails to rise above the $0.9720 resistance level, a downside correction could occur. The immediate downside support is near the $0.915 level and the same trendline.
The main support is near the $0.880 level. A downside break below the USD 0.880 level could open the doors for another decline towards USD 0.8620. The next major support is near the $0.8250 level.
Technical indicators
4-hour MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major support levels – USD 0.9150 and USD 0.880.
Major resistance levels – $0.9720, $1.00 and $1.15.
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