MATIC Price Prediction: Polygon Rally is Just Getting Started

2023-2-8 08:29

MATIC price started a fresh increase from the $1.10 support zone. Polygon bulls are in control and might push the price towards the $1.40 level.

MATIC price started a fresh rally above the $1.10 resistance against the US dollar. The price is trading above $1.10 and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $1.25 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise towards the $1.35 and $1.42 resistance levels. Polygon’s MATIC Price Surges Above $1.20

In the past few days, polygon’s price formed a strong base above the $1.00 zone.  MATIC remained stable and started a fresh increase above the $1.10 resistance zone.

There was a strong move above the $1.15 level and the 100 simple moving average (4-hours). The upward move was such that the price even broke the $1.25 level and traded to a new yearly high at $1.295. It is up over 5% in a day and over 15% in a few days, outperforming bitcoin and ethereum.

Matic price is trading above $1.10 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1.25 on the 4-hours chart of the MATIC/USD pair.

The price is comfortably trading above the 23.6% Fib retracement level of the upward move from the $1.167 swing low to $1.295 high. On the upside, an immediate resistance is near the $1.30 level. The first major resistance is forming near the $1.35 zone.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.35 resistance level, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.42 level or even $1.50.

Dips Supported in MATIC?

If MATIC price fails to rise above the $1.30 and $1.35 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.265 level.

The main support is near the $1.25 level or trend line. A downside break below the $1.250 level could open the doors for a fresh decline towards $1.215 or the 61.8% Fib retracement level of the upward move from the $1.167 swing low to $1.295 high. The next major support is near the $1.18 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 – $1.25 and $1.215.

Major Resistance Levels – $1.30, $1.35 and $1.42.

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