Home CryptocurrencyAnalysis Polygon is targeting a recovery to $1

Polygon is targeting a recovery to $1

by SuperiorInvest

MATIC price is recovering from the $0.82 support zone. Polygon may continue to rise, but a large barrier is forming near the $1.00 zone.

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

Attempts to restore Polygon’s MATIC award

Over the past few days, Polygon’s price has steadily declined from well above $1.00. MATIC dropped below the $0.900 support and moved into the bearish zone.

A low is forming near $0.8206 and the price is now attempting a recovery wave, similar to bitcoin and Ethereum. The price managed to climb above $0.850. Additionally, there was a break above a key bearish trendline with resistance near $0.880 on the 4-hours chart of the MATIC/USD pair.

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

If there is a break above the $0.90 resistance level, the price could continue to recover. Another major resistance is near $0.95 or the 61.8% Fib retracement level of the downside move from the $1.017 high to $0.8206 low.

Source: MATICUSD on TradingView.com

A clear move above the $0.95 resistance could trigger a steady rally. In that case, the price could even try to move towards the $0.985 or $1.00 level.

New decline in MATIC?

If the price of MATIC fails to rise above the $0.90 resistance level, it could start a new downtrend. Immediate downside support is near the $0.88 level.

Major support is near the $0.865 level. A break below the $0.865 level could open the door for another decline towards $0.82. Another major support is near the $0.80 level.

Technical indicators

4 Hour MACD – The MACD for MATIC/USD is gaining strength 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.

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