MATIC price is recovering from the $0.55 support zone. Polygon might rise further toward the $0.725 and $0.750 resistance levels.
- MATIC price is attempting a recovery wave above the $0.60 resistance against the US dollar.
- The price is trading above $0.64 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.605 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.725 resistance zone.
Polygon’s MATIC Price Attempts Recovery
In the past few days, Polygon’s price saw a major decline from well above $0.80. MATIC declined below the $0.750 support to move into a bearish zone.
A low is formed near $0.5432 and the price is now attempting a fresh increase, similar to Bitcoin and Ethereum. The price was able to climb above $0.60. Besides, there was a break above a key bearish trend line with resistance near $0.605 on the 4-hour chart of the MATIC/USD pair.
It broke the 23.6% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low. MATIC price is now trading above $0.64 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.725 level.
If there is an upside break above the $0.725 resistance level or the 50% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low, the price could continue to recover. The next major resistance is near $0.78.
Source: MATICUSD on TradingView.com
A clear move above the $0.78 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.80 level or $0.82.
Fresh Decline in MATIC?
If MATIC’s price fails to rise above the $0.725 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.65 level.
The main support is near the $0.625 level. A downside break below the $0.625 level could open the doors for a fresh decline toward $0.60. The next major support is near the $0.55 level.
Technical Indicators
4 hours MACD – The MACD for MATIC/USD is gaining 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 – $0.65 and $0.625.
Major Resistance Levels – $0.725, $0.75, and $0.78.
Credit: Source link
