MATIC Price Prediction: Polygon Could Bounce Back From This Support

Aayush Jindal

Last Updated: June 11, 2024 2:32 pm

2 mins read

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MATIC price rallied towards $1.50 before correcting lower. Polygon bulls must protect the $1.30 zone to start a fresh increase in the near term.

MATIC price started a fresh rally above the $1.30 resistance against the US dollar.
The price is trading near $1.32 and the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to slide if there is a break below the $1.30 support zone.

Polygon Price Trims Gains

In the past few days, polygon’s price saw a strong increase above the $1.25 zone. MATIC gained pace for a clear move above the $1.30 resistance zone.

The price gained over 25% and it even spiked above the $1.50 resistance. A high was formed near $1.568 before the price started a downside correction, similar to bitcoin and ethereum. The price declined below the $1.42 and $1.40 levels.

MATIC price is trading near $1.32 and the 100 simple moving average (4-hours). It is also just below the 50% Fib retracement level of the upward move from the $1.137 swing low to $1.568 high.

On the upside, an immediate resistance is near the $1.38 level. The first major resistance is forming near the $1.40 zone. There is also a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the MATIC/USD pair.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.40 resistance level, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.48 level or even $1.50.

Downside Break in MATIC?

If MATIC price fails to rise above the $1.38 and $1.40 resistance levels, it could continue to move down. An immediate support on the downside is near the $1.32 level.

The main support is near the $1.30 level. A downside break below the $1.30 level could open the doors for a fresh decline towards $1.220. The next major support is near the $1.20 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $1.32 and $1.30.

Major Resistance Levels – $1.38, $1.40 and $1.45.

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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