MATIC price is recovering from the $0.55 support zone. Polygon could rise 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 trendline with resistance near USD 0.605 on the MATIC/USD pair’s 4-hour chart (data source from Kraken).
- The pair could continue to rise if it crosses the $0.725 resistance zone.
Polygon’s MATIC price is trying to recover
In the past few days, the price of Polygon saw a major drop well above $0.80. MATIC dropped below the $0.750 support to move into a bearish zone.
A low is formed near USD 0.5432 and the price is now trying to climb again similar to Bitcoin and Ethereum. The price was able to climb above $0.60. In addition, there was a break above a key bearish trendline with resistance near $0.605 on the MATIC/USD pair’s 4-hour chart.
It broke the 23.6% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low. The 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.
If there is an upside break above the $0.725 resistance level or the 50% Fib retracement level of the downward move from the $0.9067 swing high to the $0.5432 low, the price could continue to recover. The next major resistance is near $0.78.
Source: MATICUSD at TradingView.com
A clear move above the $0.78 resistance could trigger a steady rise. In the said case, the price might even try to move towards the $0.80 or $0.82 level.
New decline in MATIC?
If the price of MATIC fails to rise above the $0.725 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.65 level.
The main support is near the USD 0.625 level. A downside break below the $0.625 level could open the door for another drop towards $0.60. The next major support is near the $0.55 level.
Technical indicators
4am 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 above the 50 level.
Main Support Levels – $0.65 and $0.625.
Key resistance levels – $0.725, $0.75 and $0.78.
