MATIC Price Prediction: Polygon Bulls Aim For $0.80

Aayush Jindal

Last Updated: June 11, 2024 2:38 pm

2 mins read

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MATIC price is recovering from the $0.60 support zone. Polygon might rise further toward the $0.75 and $0.80 resistance levels.

MATIC price is attempting a recovery wave above the $0.68 resistance against the US dollar.
The price is trading above $0.70 and the 100 simple moving average (4 hours).
There was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.720 resistance zone.

Polygon’s MATIC Price Starts Recovery

After a major decline, Polygon’s price found support near the $0.60 zone. MATIC traded as low as $0.600 and recently started a recovery wave.

The recent gains in Ethereum and Bitcoin also helped altcoins such as MATIC and ADA. MATIC was able to climb above the $0.65 and $0.68 resistance levels. Besides, there was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair.

The price is now trading above $0.70 and the 100 simple moving average (4 hours). A high is formed near $0.7205 and the price is now consolidating gains.

It is well above the 23.6% trading above $0.70 and the 100 simple moving average (4 hours).. Immediate resistance is near the $0.720 level. The first major resistance is near the $0.75 level. If there is an upside break above the $0.750 resistance level, the price could continue to rise.

Source: MATICUSD on TradingView.com

The next major resistance is near $0.78. 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.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.692 level.

The main support is near the $0.65 level or the 50% trading above $0.70 and the 100 simple moving average (4 hours). A downside break below the $0.65 level could open the doors for a fresh decline toward $0.622. The next major support is near the $0.60 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 – $0.692 and $0.650.

Major Resistance Levels – $0.720, $0.750, and $0.800.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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