MATIC Price Prediction: Polygon Could Bounce Back From This Support

2023-2-24 08:29

MATIC price rallied towards $1.50 before correcting lower. Polygon bulls must protect the $1.30 zone to start a fresh increase in the near term.

MATIC price started a fresh rally above the $1.30 resistance against the US dollar. The price is trading near $1.32 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to slide if there is a break below the $1.30 support zone. Polygon Price Trims Gains

In the past few days, polygon’s price saw a strong increase above the $1.25 zone.  MATIC gained pace for a clear move above the $1.30 resistance zone.

The price gained over 25% and it even spiked above the $1.50 resistance. A high was formed near $1.568 before the price started a downside correction, similar to bitcoin and ethereum. The price declined below the $1.42 and $1.40 levels.

MATIC price is trading near $1.32 and the 100 simple moving average (4-hours). It is also just below the 50% Fib retracement level of the upward move from the $1.137 swing low to $1.568 high.

On the upside, an immediate resistance is near the $1.38 level. The first major resistance is forming near the $1.40 zone. There is also a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the MATIC/USD pair.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.40 resistance level, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.48 level or even $1.50.

Downside Break in MATIC?

If MATIC price fails to rise above the $1.38 and $1.40 resistance levels, it could continue to move down. An immediate support on the downside is near the $1.32 level.

The main support is near the $1.30 level. A downside break below the $1.30 level could open the doors for a fresh decline towards $1.220. The next major support is near the $1.20 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $1.32 and $1.30.

Major Resistance Levels – $1.38, $1.40 and $1.45.

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Источник: newsbtc.com

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