MATIC price is rising from the $1.02 support zone. Polygon bulls seem to be back and they could soon aim a move toward the $1.25 resistance zone.
- MATIC price started a decent increase above the $1.12 resistance against the US dollar.
- The price is trading above $1.10 and the 100 simple moving average (4-hour).
- There was a break above a key contracting triangle with resistance near $1.10 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $1.165 resistance zone.
Polygon’s MATIC Price Climbs 5%
In the past few days, polygon’s price saw a decent increase from the $1.02 support zone. MATIC climbed above the $1.05 and $1.06 resistance levels to move into a positive zone.
Recently, Ethereum saw an upside break above $1,850 while Bitcoin remained in a range. MATIC also followed ETH and was able to climb over 5%. There was a break above the 50% Fib retracement level of the downward move from the $1.2528 swing high to the $1.027 low.
Besides, there was a break above a key contracting triangle with resistance near $1.10 on the 4-hours chart of the MATIC/USD pair. It is now trading above $1.10 and the 100 simple moving average (4-hour).
Immediate resistance is near the $1.165 level. It is close to the 61.8% Fib retracement level of the downward move from the $1.2528 swing high to the $1.027 low. If there is an upside break above the $1.165 resistance level, the price could start another strong increase.
Source: MATICUSD on TradingView.com
The next major resistance is near $1.22, above which the price could rise toward the $1.25 level. In the stated case, the price could even attempt a move toward the $1.265 level or $1.28.
Are Dips Limited in MATIC?
If MATIC’s price fails to rise above the $1.165 resistance level, it could start a downside correction. Immediate support on the downside is near the $1.132 level.
The main support is near the $1.12 level. A downside break below the $1.12 level could open the doors for a fresh decline toward $1.08. The next major support is near the $1.02 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 – $1.10 and $1.08.
Major Resistance Levels – $1.165, $1.18, and $1.22.
