MATIC Price Prediction: Polygon Rally is Just Getting Started

Aayush Jindal

Last Updated: June 11, 2024 2:32 pm

2 mins read

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MATIC price started a fresh increase from the $1.10 support zone. Polygon bulls are in control and might push the price towards the $1.40 level.

MATIC price started a fresh rally above the $1.10 resistance against the US dollar.
The price is trading above $1.10 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $1.25 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise towards the $1.35 and $1.42 resistance levels.

Polygon’s MATIC Price Surges Above $1.20

In the past few days, polygon’s price formed a strong base above the $1.00 zone. MATIC remained stable and started a fresh increase above the $1.10 resistance zone.

There was a strong move above the $1.15 level and the 100 simple moving average (4-hours). The upward move was such that the price even broke the $1.25 level and traded to a new yearly high at $1.295. It is up over 5% in a day and over 15% in a few days, outperforming bitcoin and ethereum.

Matic price is trading above $1.10 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1.25 on the 4-hours chart of the MATIC/USD pair.

The price is comfortably trading above the 23.6% Fib retracement level of the upward move from the $1.167 swing low to $1.295 high. On the upside, an immediate resistance is near the $1.30 level. The first major resistance is forming near the $1.35 zone.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.35 resistance level, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.42 level or even $1.50.

Dips Supported in MATIC?

If MATIC price fails to rise above the $1.30 and $1.35 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.265 level.

The main support is near the $1.25 level or trend line. A downside break below the $1.250 level could open the doors for a fresh decline towards $1.215 or the 61.8% Fib retracement level of the upward move from the $1.167 swing low to $1.295 high. The next major support is near the $1.18 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 – $1.25 and $1.215.

Major Resistance Levels – $1.30, $1.35 and $1.42.

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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