Polygon Sets Sights on $1 in Bid for a Comeback

Polygon’s MATIC price has begun to recover from the $0.82 support zone, with the cryptocurrency’s price rising above $0.86 alongside the 100 simple moving average (4 hours). However, there is considerable resistance near the $1.00 mark that may impede further growth. The MATIC/USD pair’s 4-hour chart also shows a break above a significant bearish trend line with resistance near $0.880, which signifies a potential for an extended price surge should the $0.90 resistance zone be cleared. This follows a steady decline from Polygon’s price above $1.00, which dropped below $0.900 to move into a bearish zone before recovering with a low of $0.8206.

“If there is an upside break above the $0.90 resistance level, the price could continue to recover,” said a Polygon spokesperson. “The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. A clear move above the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00.”

Conversely, should MATIC’s price fail to rise above the $0.90 resistance level, a fresh decline is anticipated, with the immediate support for the downside being positioned at the $0.88 level. While the main support is near the $0.865 level, a downside break below this set point could lead to further decline toward $0.82. As of press time, MACD for MATIC/USD is gaining momentum in the bullish zone for a 4-hour period, while the RSI for MATIC/USD is now above the 50 level.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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