Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
MATIC price started a major increase from the $0.840 support zone. Polygon buyers pumped the price above $1.20 and there could be more upsides.
- MATIC price rallied above the $1.00 and $1.20 resistance levels against the US dollar.
- The price is trading well above $1.00 and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise and might soon revisit the $1.50 resistance zone.
Polygon’s MATIC Price Rallies Steadily
After forming a base above the $0.800 level, polygon’s price started a fresh increase. MATIC price broke the $0.880 and $0.980 resistance levels to move into a positive zone.
There was a strong move above the $1.00 resistance and the 100 simple moving average (4-hours). Finally, the price surged above the $1.20 resistance. 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 swing low to $1.304 high.
However, matic bulls are active above the $1.15 level. There is also a key 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 zone.
Source: MATICUSD on TradingView.com
The first major resistance is forming near the $1.240 zone. 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 increase. In the stated case, the price could rise steadily towards the $1.50 level.
Dips Limited in MATIC?
If MATIC price fails to continue higher above the $1.22 or $1.24 levels, it could start a downside correction. An immediate support on the downside is near the $1.150 level.
The main support is near the $1.060 level. A downside 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.
Technical Indicators
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.
Major Support Levels – $1.15 and $1.060.
Major Resistance Levels – $1.22, $1.24 and $1.30.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.