MATIC Price Prediction: Can Polygon Bounce Back From The Recent Market Downturn?
MATIC price has seen a decline of over 15% and has tested the $0.5150 support level. However, Polygon is showing signs of recovery, although there may be resistance from the bears near $0.5650 and $0.5720.
- MATIC price recently started to decline from the $0.6285 resistance area against the US dollar.
- Currently, the price is trading below $0.570 and the 100-hour simple moving average.
- An important bearish trend line is forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair (data sourced from Kraken).
- In the near future, the pair may experience a recovery and test the $0.5720 resistance zone.
Polygon Price Takes a Hit
After a notable increase, Polygon’s price encountered strong resistance near the $0.6285 zone. MATIC formed a short-term peak at $0.6286 and has since begun a fresh decline, similar to Bitcoin and Ethereum.
The price experienced a sharp drop below the $0.600 and $0.5720 support levels, even dipping below $0.5250 to reach $0.5150. It found support at $0.5151 and is currently attempting a recovery, breaking above the $0.5350 resistance level.
As of now, the price is trading below $0.560 and the 100 simple moving average (4 hours).
The immediate resistance lies near the $0.5550 zone, followed by a major resistance near $0.5720 or the 50% Fib retracement level of the downward move from $0.6286 to $0.5151. Additionally, there is a crucial bearish trend line forming with resistance at $0.5720 on the MATIC/USD hourly chart.
If the price breaks above the $0.5720 resistance level, it could continue to rise, with the next significant resistance around $0.5850. A clear breakthrough above $0.5850 could trigger a steady increase, and in that scenario, the price might even strive to reach $0.6285 or $0.650.
Another Decline in MATIC?
If MATIC fails to surpass the $0.5720 resistance, it may undergo another decline. Immediate support on the downside can be found near the $0.5320 level.
The primary support lies around the $0.5150 level. A downward break below this level could lead to a fresh decline towards $0.50. The next significant support is located near the $0.4850 level.
Technical Indicators
Hourly MACD – The MACD for MATIC/USD is gaining bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is currently below the 30 level.
Major Support Levels – $0.5320 and $0.5150.
Major Resistance Levels – $0.5600, $0.5720, and $0.5850.