Polygon Price Analysis & Prediction (Dec 6th) – MATIC Consolidates Above $0.9 as Volatility drops

2022-12-7 07:06

The 11% growth in MATIC’s price has again positioned the market bullish over the past week. As a result, the $0.7 level keeps getting stronger as the price increases.

Polygon resumes a positive move following the increase in the entire crypto market over the past 24 hours. The price is expected to correct to $0.85 after the past week’s loss, but the bulls retook charge as they pushed towards a significant $0.95 resistance level. They later failed.

As the cryptocurrency continues to maintain last week’s recovery, MATIC could chart a massive gain in the future. Likely to reclaim $1 in the next few days if the buying volume keeps increasing by the day.

The past six days of consolidation still make the bullish signal dicey on the daily chart. But if we look at it on the 4-hour chart, MATIC is brewing for a new rally as it continued to trade above the $0.9 level since last Friday.

However, the price may drop if it decides to break down from the consolidation phase. The $0.85 level remains a vital retest level for MATIC to foot a solid upward rally. This level appears to be suspended, for now, due to the last 24 hours’ gains. A retest at this mentioned level could reactivate a solid positive rally. And if that fails to happen, the orange demand zone will be the next sell target.

MATIC Price Analysis (MATICUSDT) – Daily Chart Source: Tradingview

Should the price breaks out of the consolidation mode to reclaim the $0.95 resistance, the following buying target would be the $1.05 and $1.17 resistance levels. A surge above the November resistance of $1.3 would trigger a mid-term bullish for MATIC.

The latest positive move is footed by daily support of $0.9. If MATIC loses this support, the $0.83 level would be the next retest level to watch on the lower time frame. It is followed by $0.77 and $0.7, where the demand level lies.

Key Resistance Levels: $0.95, $1.05, $1.17

Key Support Levels: $0.79, $0.70, $0.63

Spot Price: $0.9 Trend: Neutral-Bullish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: moxumbic/123RF // Image Effects by Colorcinch

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