MATIC worth is consolidating beneficial properties above the $0.58 assist zone. Polygon would possibly acquire bullish momentum if it clears the $0.650 resistance zone.
- MATIC worth is exhibiting optimistic indicators beneath the $0.65 resistance towards the US greenback.
- The worth is buying and selling above $0.60 and the 100 easy transferring common (4 hours).
- There is a key contracting triangle forming with resistance close to $0.640 on the 4-hour chart of the MATIC/USD pair (information supply from Kraken).
- The pair may proceed to rise if it clears the $0.640 and $0.650 resistance ranges.
Polygon’s MATIC Price Aims Higher
After forming a base above the $0.50 degree, Polygon’s worth began a gradual enhance. MATIC broke many hurdles close to $0.550 to maneuver right into a optimistic zone, like Bitcoin and Ethereum.
There was a transfer above the $0.60 resistance and the worth climbed as excessive as $0.6646. Recently, there was a minor draw back correction beneath the $0.640 degree. The worth declined beneath the 23.6% Fib retracement degree of the upward transfer from the $0.5032 swing low to the $0.6646 excessive.
MATIC is now buying and selling above $0.60 and the 100 easy transferring common (4 hours). There can also be a key contracting triangle forming with resistance close to $0.640 on the 4-hour chart of the MATIC/USD pair.
Source: MATICUSD on TradingView.com
Immediate resistance is close to the $0.640 degree. The first main resistance is close to the $0.650 degree. If there’s an upside break above the $0.650 resistance degree, the worth may proceed to rise. The subsequent main resistance is close to $0.665. A transparent transfer above the $0.665 resistance may begin a gradual enhance. In the said case, the worth may even try a transfer towards the $0.680 degree or $0.700.
Downside Correction in MATIC?
If MATIC’s worth fails to rise above the $0.640 resistance degree, it may begin a draw back correction. Immediate assist on the draw back is close to the $0.6100 degree.
The important assist is close to the $0.584 degree or the 50% Fib retracement degree of the upward transfer from the $0.5032 swing low to the $0.6646 excessive. A draw back break beneath the $0.584 degree may open the doorways for a contemporary decline towards $0.550. The subsequent main assist is close to the $0.532 degree.
Technical Indicators
4 hours MACD – The MACD for MATIC/USD is gaining momentum within the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 degree.
Major Support Levels – $0.610 and $0.584.
Major Resistance Levels – $0.640, $0.650, and $0.700.
