MATIC price started a fresh rise from the $0.920 support zone. Polygon bulls are now targeting further gains above the $1.12 resistance zone.
MATIC price started a new rally above the $0.98 resistance against the US Dollar. Price is trading above $0.98 and the 100 simple moving average (4-hours). There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data feed from Kraken). The pair could continue to rise towards the resistance levels of $1.18 and $1.20.
Polygon MATIC price rises above $1
This week, the polygon price formed a solid base above the $0.900 zone. MATIC was stable and started a new rise above the $0.95 resistance zone.
There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Additionally, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.
The price traded to a new yearly high of $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fibonacci retracement level of the up move from the $0.942 low to $1,129 high.
It is up more than 10% in one day, surpassing bitcoin and ethereum. To the upside, immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.
Source: MATICUSD on TradingView.com
If there is a bullish break above the $1.12 and $1.15 resistance levels, the price could start another strong rally. In the given case, the price could steadily rally towards the $1.20 level.
Dips Limited in MATIC?
If MATIC price fails to break above the $1.12 and $1.15 resistance levels, a correction to the downside could begin. An immediate support on the downside is near the $1,080 level.
Major support is near the $1,050 level or the 50% Fibonacci retracement level of the up move from the $0.942 low to $1,129 high. A break below the $1,050 level could open the doors for a further drop towards $0.98. The next major support is near the $0.92 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 the MATIC/USD is now above the 50 level.
Main support levels: $1.05 and $0.98.
Main resistance levels: $1.12, $1.15 and $1.20.
This post Rallies 10%, Polygon Bulls aiming big
was published first on https://newsbtc.com/analysis/matic-analysis/matic-price-prediction-1-20/
