MATIC Price Prediction: Polygon Rally is Just Getting Started
08 Février 2023 - 06:29AM
NEWSBTC
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.
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