The price of MATIC (Polygon) has rebounded from the $0.580 support zone, showing positive trends. Polygon is on the rise and could gain momentum if it breaks key resistance levels at $0.70.
MATIC Price Rises Above $0.620
Polygon has started a fresh upward move above the $0.620 level against the US dollar. The price is now trading above $0.650 and a key 100-hour simple moving average.
On the hourly chart for the MATIC/USD pair (data from Kraken), there was a breakout above a short-term bearish trend line near the $0.6350 resistance. The price has reached resistance at $0.680, where it is currently consolidating gains. MATIC remains well above the 23.6% Fibonacci retracement level of the upward move from $0.5715 (swing low) to $0.6800 (high).
Approaching the $0.70 Level
Currently, MATIC is trading above $0.650, supported by the 100-hour moving average. The immediate resistance is near $0.680, followed by a more significant barrier at $0.70.
If the price breaks through the $0.70 resistance level, it could continue rising. A major resistance lies at $0.750, which could be the next milestone. A successful breakout above this level could trigger a stable climb, pushing the price towards $0.780 or even $0.80.
Risk of Correction: Support at $0.650 and $0.6250
If MATIC fails to break above the $0.680 resistance level, a correction might occur. The nearest support lies at $0.650. Significant support is then at $0.6250, aligning with the 50% Fibonacci retracement of the recent upward move.
A drop below $0.6250 could open the doors for a retest of the $0.60 support level. The next critical support would then be at $0.5750.
Technical Indicators
MACD: Shows increasing strength in the bullish zone.
RSI: The RSI value is above 50, indicating positive market sentiment.
Key Levels
Support: $0.650, $0.6250
Resistance: $0.680, $0.700
Polygon is currently on an upward trajectory, but traders should monitor key support and resistance levels to prepare for potential market fluctuations.
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