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MATIC price is recovering from the $0.82 support area. Polygon could move higher, but there is a major resistance forming near the $1.00 area.
- MATIC price is trying to climb above the $0.86 resistance against the US Dollar.
- The price is trading above $0.86 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.880 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.90 resistance area.
Attempts to retrieve the MATIC value of the polygon
Over the past few days, Polygon price saw a steady decline from above $1.00. MATIC declined below the $0.900 support to move into a bearish zone.
There was a low formed near $0.8206 and the price is now attempting a recovery wave, similar to bitcoin and ethereum. The price was able to climb above the $0.850 level. Besides, there was a break above a key bearish trend line with resistance near $0.880 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 $1.017 high to $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4-hours). It is now facing resistance near the $0.90 level.
If there is an upside break above the $0.90 resistance, the price could continue to correct. The next major resistance is near the $0.95 level or the 61.8% Fib retracement level of the decline from the $1.017 high to $0.8206 low.
Source: MATICUSD on TradingView.com
A clear move above the $0.95 resistance could start a steady rise. In the mentioned case, the price may make an attempt to move towards the $0.985 level or even $1.00.
The latest drop in Matic?
If MATIC price fails to climb above the $0.90 resistance, it could start a fresh decline. On the downside, an immediate support is near the $0.88 level.
The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline towards $0.82. The next major support is near the $0.80 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.
Main Support Levels – $0.88 and $0.865.
Key Resistance Levels – $0.90, $0.95 and $1.00.
