MATIC price started a fresh increase from the $0.920 support area. The polygon bulls are now aiming for more gains above the $1.12 resistance area.
- MATIC price started a fresh rise above the $0.98 resistance against the US Dollar.
- The price is trading above $0.98 and the 100 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance near $1.02 on the 4-hour chart of MATIC/USD (data source from Kraken).
- The pair could continue rising towards the $1.18 and $1.20 resistance levels.
Polygon’s MATIC price rises above $1
Polygon price this week formed a strong base above $0.900 area. MATIC remained stable and started a fresh rise above the $0.95 resistance area.
There was a strong move above the $1.0 level and the 100 Simple Moving Average (4 hours). Besides, there was a break above a major contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.
The price traded to a new yearly high of $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4 hours). It is also trading near the 23.6% Fibonacci retracement level of the upward move from the $0.942 swing low to $1.129 high.
It is up more than 10% in one day, outperforming Bitcoin and Ethereum. On the upside, there is immediate resistance near the $1.12 level. The first major resistance is forming near the $1.15 area.
Source: MATICUSD on TradingView.com
If there is an upside break above the $1.12 and $1.15 resistance levels, the price might start another strong increase. In the mentioned case, the price could steadily rise towards the $1.20 level.
Limited dip in matic?
If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it might start a bearish correction. There is immediate support on the downside near the $1,080 level.
The main support is near the $1,050 level or the 50% Fibonacci retracement level of the upward move from the $0.942 swing low to the $1,129 swing high. A break-down below $1,050 could open the door for a new low towards $0.98. The next major support is near the $0.92 level.
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.
Key Support Levels – $1.05 and $0.98.
Key resistance levels – $1.12, $1.15 and $1.20.