MATIC Technical Analysis: How High Can the Price Go?

Polygon’s native token, $MATIC , has exhibited impressive strength on the 4-hour chart, with price movements indicating a robust bullish trend. Recent price action has seen MATIC climb from $0.4855 to a high of $0.5393, showcasing a strong uptrend supported by critical technical indicators.

The current trading price of MATIC is just below the key resistance level at $0.5345. Should the price break above this resistance, the next levels to watch are $0.5413 and $0.5483, which could act as potential targets for bullish traders. On the downside, immediate support lies at $0.5273, with further support at $0.5265 and $0.5222, which could be significant if the #MATIC price faces downward pressure.

Meanwhile, The technical indicators are leaning heavily towards a bullish outlook. The 9 EMA is positioned above the 20 EMA, suggesting that the recent price momentum is supported by growing bullish sentiment. The convergence of these EMAs often signals the strength of a prevailing trend, which in this case, favors the bulls.

The MACD indicator also underscores the bullish momentum, with the MACD line consistently staying above the signal line. What’s more, the widening histogram reinforces the positive trend, indicating that buying pressure is likely to continue pushing the price higher in the short term. 

The RSI, hovering in the overbought territory, suggests that the asset is currently overextended. However, this doesn’t necessarily indicate an immediate reversal but rather that the current bullish momentum might face some resistance as it attempts to move higher. #Polygon The full analysis and trade strategy were posted on www.ecoinimist.com.