MATIC Price Prediction: Polygon Pump 15%, Bulls Target $1

Aayush Jindal

Last Updated: June 11, 2024 2:31 pm

2 mins read

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MATIC price is up over 15% and trading near $0.85. Polygon bulls are in charge, and they might soon aim for a move toward the $1.00 level.

MATIC price started a strong increase above the $0.75 resistance against the US dollar.
The price is trading above $0.78 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.850 and $0.880 resistance levels.

Polygon Price Signals Breakout

After forming a base above the $0.65 level, Polygon’s price started a strong increase. MATIC broke many hurdles near $0.70 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.75 resistance and the price climbed over 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price saw a downside correction. There was a sharp decline below the $0.820 level.

The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the $0.750 support zone.

There is also a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.

MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level. The first major resistance is near the $0.880 level. If there is an upside break above the $0.880 resistance level, the price could continue to rise.

Source: MATICUSD on TradingView.com

The next major resistance is near $0.920. A clear move above the $0.920 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.980 level or $1.00.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.850 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.800 level.

The main support is near the $0.775 level or the trend line. A downside break below the $0.775 level could open the doors for a fresh decline toward $0.720. The next major support is near the $0.700 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 – $0.800 and $0.775.

Major Resistance Levels – $0.850, $0.880, and $0.980.

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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