Why the bulls are targeting $1 and above

The MATIC price has started to steadily move up from the $0.720 support zone. Polygon buyers may aim to push towards his critical $1.00 resistance.

• The MATIC price is gaining pace above the $0.80s against the US dollar.
• The price is trading well above $0.800 and the 100 simple moving average (4 hours).
• On the 4-hour chart of the MATIC/USD pair (data source from Kraken), the pair has broken above the major bearish trend line with resistance at $0.810.
• The pair may continue to move higher and may soon test the $1.00 resistance zone.

New Porygon Price Rise

After a big drop, the polygon price has found support near $0.720. The MATIC price formed a base above the $0.720 level and started a steady rise.

It has clearly broken above the resistance levels of $0.755 and $0.788. The price rose above the 50% Fib retracement level from a swing high of $0.8602 to a low of $0.7147. Also, on his 4-hour chart of the MATIC/USD pair, it has broken out of the major bearish trend line with resistance at $0.810.

The price is currently trading well above $0.800 and the 100 simple moving average (4 hours). It has also broken out of the recent high of $0.8602 to show positive signs, just like Bitcoin and Ethereum.

The upside resistance is near $0.895. The first big resistance has formed around the $0.950 zone. It is close to the 1.618 Fives extension level, which descends from highs of $0.8602 to lows of $0.7147.

Source: MATICUSD on TradingView.com

A major resistance is currently forming near $1.000. A breakout of the $0.950 and $1.00 resistance levels could set the price up significantly. In the aforementioned case, the price could rise steadily towards his $1.12 level.

New drop in MATIC?

If the MATIC price does not continue to rise above the $0.90 or $0.95 levels, a downward correction could begin. There is support on the downside near $0.840.

The main supports are near $0.800 and the 100 simple moving average (4 hours). A break below $0.800 could open the door for a new drop to $0.750. The next major support is near $0.720.

technical indicator

4 Hour MACD – MACD for MATIC/USD is slowly gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for MATIC/USD is currently above the 50 level.

Major Support Level – $0.840 and $0.800.

Main resistance levels – $0.900, $0.950, $1.00.