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MATIC price is recovering from the $0.55 support area. Polygon is likely to accelerate further towards the $0.725 and $0.750 resistance levels.
- MATIC price is attempting a recovery wave above the $0.60 resistance against the US Dollar.
- The price is trading above $0.64 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.605 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- If the pair clears the $0.725 resistance area, it is likely to continue rising.
MATIC value of polygon attempts recovery
In the past few days, Polygon price saw a major decline above $0.80. MATIC declined below the $0.750 support to move into the bearish zone.
There was a bottom level near $0.5432 and the price is now attempting a fresh rise, similar to bitcoin and Ethereum. The price was able to climb above $0.60. Besides, there was a break above a key bearish trend line with resistance near $0.605 on the 4-hours chart of the MATIC/USD pair.
There was a break of the 23.6% Fibonacci retracement level of the decline from the $0.9067 high to $0.5432 low. MATIC price is now trading above $0.64 and the 100 simple moving average (4-hours). It is now facing resistance near the $0.725 level.
The price could continue to correct if there is an upside break above the $0.725 resistance or the 50% Fib retracement level of the move from the $0.9067 high to $0.5432 low. The next major resistance is near the $0.78 level.
Source: MATICUSD on Tradingview.com
A clear move above the $0.78 resistance could start a sustained rise. In the mentioned case, the price may make an attempt to move towards the $0.80 level or even $0.82.
Fresh fall in MATIC?
If MATIC price fails to climb above the $0.725 resistance, it could start a fresh decline. On the downside, an immediate support is near the $0.65 level.
The main support is near the $0.625 level. A decline below the $0.625 level could open the doors for a fresh decline towards $0.60. The next major support is near the $0.55 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 well above the 50 level.
Key Support Levels – $0.65 and $0.625.
Key Resistance Levels – $0.725, $0.75, and $0.78.
