MATIC Price Prediction: Can Polygon Surge Higher to $1.15?
Polygon’s MATIC price has seen a 5% increase and tested the $0.950 resistance level. With the bulls in control, there is potential for further upside above $1.00.
The price of MATIC initiated a fresh upward movement above the $0.920 resistance against the US dollar. It is currently trading above $0.925 and the 100 simple moving average (4 hours). On the 4-hour chart of the MATIC/USD pair, there was a break above a key bearish trend line with resistance at $0.9150. Further upward movement is possible if the price manages to clear the $0.9720 resistance level.
After finding support above $0.8620, Polygon’s price began a new upward trajectory. It cleared various obstacles around $0.880 and $0.8950, entering a positive zone comparable to Bitcoin and Ethereum. The price also broke above the $0.90 resistance and the 100 simple moving average (4 hours). Additionally, the bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $1.0854 swing high to the $0.8612 low.
The immediate resistance level to watch out for is around $0.960, with the first major resistance at $0.9720 or the 50% Fibonacci retracement level. If the price manages to break above this resistance, it could continue to rise. The next significant resistance levels are near $1.00, followed by a potential move towards $1.100 or even $1.150.
In the event that MATIC fails to surpass the $0.9720 resistance level, a downside correction could occur. Immediate support lies in the vicinity of $0.915, along with the aforementioned trend line. The main support level is positioned around $0.880, while a break below this could lead to a decline towards $0.8620. The subsequent major support level is located near $0.8250.
Analyzing the technical indicators, the MACD for MATIC/USD on the 4-hour chart indicates gaining momentum in the bullish zone. The RSI (Relative Strength Index) for the same time frame shows that it is now above the 50 level.
In conclusion, while there are risks associated with investing, the current bullish momentum of Polygon’s MATIC price suggests the potential for a surge higher towards $1.15. However, as always, it is important to conduct thorough research before making any investment decisions.