Polygon Shows Strength As $1 Bullseye, But There Are Important Issues Pending

• The MATIC price is showing strength as it rebounds from the downtrend range price that has been spotted at $1 and has risen to a high of $0.95.
• MATIC is facing a big trouble break, holding above 61.8% Fibonacci and trending up into the $1 territory.
• The MATIC price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) and the price is looking to move higher.

Polygon (MATIC) price shows strength as Bitcoin (BTC), Ethereum (ETH) and other altcoin prices are major support, breaking $0.77 off this support area Bounced in the area. Over the past few days, the cryptocurrency markets such as Bitcoin (BTC) and Ethereum (ETH) have seen some big price swings lately and are showing more decent moves. MATIC price has increased from $0.83 to near $0.95. This is because the price is meant to stimulate the market. (Data from Binance)

Polygon (MATIC) price analysis on weekly charts

Polygon has been struggling to regain its bullish momentum lately. Despite the uncertainty that has befallen the crypto space, the MATIC price has held its ground as the price defended the key support area of ​​$0.77.

MATIC’s price struggled to replicate the rally that drove it to a record high of $3, but faced a refusal of the uptrend.

After trading in a range for weeks as the price appeared to be hard to trade with little to no volume pushing the price up, MATIC finally made a move, It rose from the weekly low of $0.75 to $0.85. It will close higher in a few weeks.

Weekly resistance to MATIC price – $1.

Weekly support for MATIC price – $0.77.

MATIC price analysis on a daily (1D) chart

On the daily timeframe, the MATIC price continues to show a bullish scenario, with the price rising to highs of $0.95 before facing trend resistance to the $1 territory.

The MATIC price needs to sustain above $0.97 in order to move closer to $1, which is the key supply zone for most traders.

The 61.8% Fibonacci Retracement (Fib) value shows that the MATIC price has faced a refusal to the uptrend as it attempted to break out of this key value. A price of $0.97 corresponds to a Fib value of 61.8%. If the MATIC price closes above this level, a rally to $1 to $1.2 is possible.

MATIC price daily resistance – $1.

Daily support for MATIC price – $0.85.

Featured Image From zipmex, Charts From Tradingview