Polygon Price Analysis: Bulls Eye Higher Targets for MATIC
Polygon (MATIC) bounced back above the $0.49 breakdown level on Aug. 21, signaling a rejection of lower levels by the market. The moving averages are nearing a bullish crossover, and the RSI is in the positive zone, indicating an advantage for the bulls. Currently trading at $0.5297, if MATIC pulls back, support is likely at the 20-day EMA ($0.47). A successful defense at this level could push the MATIC/USDT pair toward $0.75.
However, if MATIC drops below the moving averages, it could indicate that bears are still active at higher levels, potentially leading to a decline toward $0.39.
On the 4-hour chart, MATIC faced a sharp decline from $0.58 but is finding support at the 20-EMA. A weak rebound from this level may open the door to a further drop to $0.51 and possibly to the 50-SMA. If this support is breached, the bears might gain the upper hand.
Conversely, a strong rebound off the 20-EMA could propel MATIC back to $0.58. Breaking this resistance would suggest bulls are still in control, aiming for $0.60 and eventually $0.65.
Stay alert to these key levels! đ #Polygon #MATIC #MATICUSDT
