MATIC Price Prediction: Polygon Aims Recovery To $1

Aayush Jindal

1 year ago

2 mins read

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MATIC price is recovering from the $0.82 support zone. Polygon might rise further but there is a major barrier forming near the $1.00 zone.

MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar.
The price is trading above $0.86 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.90 resistance zone.

Polygon’s MATIC Price Attempts Recovery

In the past few days, Polygon’s price saw a steady decline from well above $1.00. MATIC declined below the $0.900 support to move into a bearish zone.

A low is formed near $0.8206 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.850. Besides, there was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair.

It broke the 23.6% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.

If there is an upside break above the $0.90 resistance level, the price could continue to recover. The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low.

Source: MATICUSD on TradingView.com

A clear move above the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00.

Fresh Decline in MATIC?

If MATIC’s price fails to rise above the $0.90 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.88 level.

The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline toward $0.82. The next major support is near the $0.80 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 – $0.88 and $0.865.

Major Resistance Levels – $0.90, $0.95, and $1.00.

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.

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