9 April 2024
MATIC price is up over 5% and it tested the $0.950 resistance. Polygon bulls are in full control, and they might aim for more upsides above $1.00.
MATIC price started a fresh increase above the $0.920 resistance against the US dollar.
The price is trading above $0.925 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to move up if it clears the $0.9720 resistance.
Polygon Price Starts Fresh Increase
After forming a base above the $0.8620 level, Polygon’s price started a fresh increase. MATIC cleared many hurdles near $0.880 and $0.8950 to move into a positive zone, like Bitcoin and Ethereum.
There was also a move above the $0.90 resistance and the 100 simple moving average (4 hours). The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low.
Besides, there was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair. MATIC is trading above $0.9250 and the 100 simple moving average (4 hours).
Immediate resistance is near the $0.960 zone. The first major resistance is near the $0.9720 level or the 50% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low. If there is an upside break above the $0.9720 resistance level, the price could continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $1.00. A clear move above the $1.00 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.100 level or $1.150.
Are Dips Limited in MATIC?
If MATIC’s price fails to rise above the $0.9720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.915 level and the same trend line.
The main support is near the $0.880 level. A downside break below the $0.880 level could open the doors for a fresh decline toward $0.8620. The next major support is near the $0.8250 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 – $0.9150 and $0.880.
Major Resistance Levels – $0.9720, $1.00, and $1.15.