MATIC worth began a contemporary improve from the $0.920 assist zone. Polygon bulls are actually aiming extra features above the $1.12 resistance zone.
- MATIC worth began a contemporary rally above the $0.98 resistance towards the US greenback.
- The worth is buying and selling above $0.98 and the 100 easy transferring common (4-hours).
- There was a break above a key contracting triangle with resistance close to $1.02 on the 4-hours chart of the MATIC/USD pair (information supply from Kraken).
- The pair may proceed to rise in direction of the $1.18 and $1.20 resistance ranges.
Polygon’s MATIC Price Rallies Above $1
This week, polygon’s worth shaped a robust base above the $0.900 zone. MATIC remained secure and began a contemporary improve above the $0.95 resistance zone.
There was a robust transfer above the $1.0 degree and the 100 easy transferring common (4-hours). Besides, there was a break above a key contracting triangle with resistance close to $1.02 on the 4-hours chart of the MATIC/USD pair.
The worth traded to a brand new yearly excessive at $1.1298 and is at present consolidating features. It is buying and selling above $0.98 and the 100 easy transferring common (4-hours). It can be buying and selling close to the 23.6% Fib retracement degree of the upward transfer from the $0.942 swing low to $1.129 excessive.
It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, a right away resistance is close to the $1.12 degree. The first main resistance is forming close to the $1.15 zone.
Source: MATICUSD on TradingView.com
If there may be an upside break above the $1.12 and $1.15 resistance ranges, the worth may begin one other sturdy improve. In the acknowledged case, the worth may rise steadily in direction of the $1.20 degree.
Dips Limited in MATIC?
If MATIC worth fails to rise above the $1.12 and $1.15 resistance ranges, it may begin a draw back correction. An instant assist on the draw back is close to the $1.080 degree.
The predominant assist is close to the $1.050 degree or the 50% Fib retracement degree of the upward transfer from the $0.942 swing low to $1.129 excessive. A draw back break under the $1.050 degree may open the doorways for a contemporary decline in direction of $0.98. The subsequent main assist is close to the $0.92 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 – $1.05 and $0.98.
Major Resistance Levels – $1.12, $1.15 and $1.20.
