MATIC price is consolidating gains above the $0.58 support zone. Polygon might gain bullish momentum if it clears the $0.650 resistance zone.
- MATIC price is showing positive signs below the $0.65 resistance against the US dollar.
- The price is trading above $0.60 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.640 and $0.650 resistance levels.
Polygon’s MATIC Price Aims Higher
After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like Bitcoin and Ethereum.
There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.
MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.
Source: MATICUSD on TradingView.com
Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.
Downside Correction in MATIC?
If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.
The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 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 – $0.610 and $0.584.
Major Resistance Levels – $0.640, $0.650, and $0.700.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/matic-analysis/matic-price-prediction-polygon-rally-0-70/
- :is
- 1
- 100
- 23
- 50
- 58
- 60
- 610
- 65
- 70
- 700
- a
- above
- against
- aims
- also
- an
- and
- AS
- attempt
- average
- base
- below
- Break
- Broke
- Bullish
- case
- Chart
- clear
- Climbed
- consolidating
- continue
- contracting
- could
- data
- Decline
- Dollar
- doors
- downside
- Even
- fails
- First
- For
- fresh
- from
- Gain
- gaining
- Gains
- High
- HOURS
- HTTPS
- Hurdles
- if
- immediate
- in
- Increase
- index
- into
- IT
- Key
- Kraken
- Level
- levels
- like
- Low
- MACD
- Main
- major
- many
- Matic
- MATIC price
- MATIC/USD
- max-width
- might
- minor
- Momentum
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- open
- or
- pair
- plato
- Plato Data Intelligence
- PlatoData
- Polygon
- Polygon’s
- positive
- prediction
- price
- Price Prediction
- recently
- relative
- relative strength index
- Resistance
- retracement
- Rise
- rsi
- showing
- Signs
- Simple
- Source
- start
- started
- stated
- steady
- strength
- support
- support levels
- Swing
- The
- There.
- to
- toward
- Trading
- TradingView
- Upside
- upward
- us
- US Dollar
- was
- with
- zephyrnet