MATIC price started a major upward move from the $0.840 support area. Polygon buyers pumped the price above $1.20 and there might be more upside.
- MATIC price rose above the $1.00 and $1.20 resistance levels against the US Dollar.
- The price is trading above $1.00 and the 100 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair is likely to continue rising and retest the $1.50 resistance area soon.
Polygon’s MATIC price rallies steady
After forming a base above the $0.800 level, a fresh increase in Polygon price started. MATIC price moved into a positive zone by breaking the $0.880 and $0.980 resistance levels.
There was a strong move above the $1.00 resistance and the 100 simple moving average (4-hours). Finally, the price climbed above the $1.20 resistance level. A high was formed near $1.304 and the price recently started a downside correction similar to Bitcoin and Ethereum.
There was a move below the $1.22 and $1.20 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.838 low to $1.304 high.
However, matic bulls are active above the $1.15 level. There is also a major contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair. On the upside, an immediate resistance is near the $1.22 area.
Source: MATICUSD on TradingView.com
The first major resistance is forming near the $1.240 area. The main resistance is now forming near the $1.300 level. If there is an upside break above the $1.300 and $1.304 resistance levels, the price could start another strong rise. In this case, the price is likely to rise sharply towards the $1.50 level.
DIPS IN MATIC LTD?
If MATIC price fails to continue above the $1.22 or $1.24 levels, it could initiate a downside correction. On the downside, immediate support is near the $1.150 level.
The main support is near the $1.060 level. A break below the $1.060 level could open the doors for a fresh decline towards $0.950 or the 100 simple moving average (4-hours). The next major support is near the $0.850 level.
4-hours MACD – The MACD for MATIC/USD is slowly losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Key Support Levels – $1.15 and $1.060.
Key Resistance Levels – $1.22, $1.24 and $1.30.