MATIC's price shows positive signs from the $0.580 area. Polygon is rising and may gain bullish momentum above the $0.70 resistance level.
MATIC's price against the dollar has started a new round of increases, breaking the $0.620 barrier.
The price is currently trading above $0.650 and the 100-hour simple moving average.
On the hourly chart for MATIC/USD, it has broken the short-term bearish trend line, with resistance at $0.6350 (data from Kraken).
If the currency pair breaks the resistance levels of $0.680 and $0.700, it could gain bullish momentum.
Polygon's stock price is expected to rise.
After forming a base above $0.5750, Polygon's price has started to rise again above the pivot point of $0.600. MATIC is breaking the level of $0.620 like Ethereum and Bitcoin.
It has broken the level of $0.650. Additionally, on the hourly chart for MATIC/USD, the short-term bearish trend line has been broken, with resistance at $0.6350. The currency pair has tested the resistance area at $0.680. It is currently consolidating gains well above the 23.6% Fibonacci retracement level of the upward move from a swing low of $0.5715 to a high of $0.6800.
MATIC is trading above $0.650 and the 100 simple moving average (4-hour). Immediate resistance is around the $0.680 area. The first major resistance is near $0.70.
If the resistance level of $0.70 is broken, the price may continue to rise. The next major resistance level is around $0.750. If the resistance at $0.750 is broken significantly, the price may rise steadily. In this case, the price may even attempt to reach levels of $0.780 or $0.80.
Is MATIC declining again?
If MATIC fails to break the resistance level of $0.680, it may decline again. The immediate support level on the downside is around $0.650.
The major support level is around $0.6250, which is the 50% Fibonacci retracement level of the upward move from a swing low of $0.5715 to a high of $0.6800. A drop below $0.6250 may initiate a new round of decline toward $0.60. The next major support level is around $0.5750.
Technical indicators
Hourly MACD - The MACD for MATIC/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for MATIC/USD is currently above the 50 level.
Major support levels - $0.6500 and $0.6250.
Major resistance levels - $0.6800 and $0.7000.
$MATIC