MATIC Price Prediction: Why Rally Isn’t Over Yet
November 07 2022 - 2:47AM
NEWSBTC
MATIC price started a major increase from the $0.840 support zone.
Polygon buyers pumped the price above $1.20 and there could be more
upsides. MATIC price rallied above the $1.00 and $1.20 resistance
levels against the US dollar. The price is trading well above $1.00
and the 100 simple moving average (4-hours). There is a key
contracting triangle forming with resistance at $1.22 on the
4-hours chart of the MATIC/USD pair (data source from Kraken). The
pair could continue to rise and might soon revisit the $1.50
resistance zone. Polygon’s MATIC Price Rallies Steadily After
forming a base above the $0.800 level, polygon’s price started a
fresh increase. MATIC price broke the $0.880 and $0.980 resistance
levels to move into a positive zone. There was a strong move above
the $1.00 resistance and the 100 simple moving average (4-hours).
Finally, the price surged above the $1.20 resistance. A high was
formed near $1.304 and the price recently started a downside
correction, similar to bitcoin and ethereum. There was a move below
the $1.22 and $1.20 levels. The price declined below the 23.6% Fib
retracement level of the upward move from the $0.838 swing low to
$1.304 high. However, matic bulls are active above the $1.15 level.
There is also a key contracting triangle forming with resistance at
$1.22 on the 4-hours chart of the MATIC/USD pair. On the
upside, an immediate resistance is near the $1.22 zone. Source:
MATICUSD on TradingView.com The first major resistance is forming
near the $1.240 zone. The main resistance is now forming near the
$1.300 level. If there is an upside break above the $1.300 and
$1.304 resistance levels, the price could start another strong
increase. In the stated case, the price could rise steadily towards
the $1.50 level. Dips Limited in MATIC? If MATIC price fails to
continue higher above the $1.22 or $1.24 levels, it could start a
downside correction. An immediate support on the downside is near
the $1.150 level. The main support is near the $1.060 level. A
downside break below the $1.060 level could open the doors for a
fresh decline towards $0.950 or the 100 simple moving average
(4-hours). The next major support is near the $0.850 level.
Technical Indicators 4-hours MACD – The MACD for MATIC/USD is
slowly losing 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 – $1.15 and $1.060. Major Resistance Levels –
$1.22, $1.24 and $1.30.
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024