MATIC Price Prediction: Can Polygon Rip Higher To $1.15

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The cost of MATIC has risen by more than 5%, surpassing the $0.950 resistance. Bulls of Polygon are currently in charge, potentially pushing the price even higher towards $1.00 and beyond.

    MATIC price started a fresh increase above the $0.920 resistance against the US dollar.
    The price is trading above $0.925 and the 100 simple moving average (4 hours).
    There was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
    The pair could continue to move up if it clears the $0.9720 resistance.

Polygon Price Starts Fresh Increase

Following its establishment of support above the $0.8620 mark, Polygon’s price took off, surmounting various resistance levels at $0.880 and $0.8950 in the process. Much like Bitcoin and Ethereum, MATIC shifted into a favorable trajectory.

An additional development occurred as the price broke through the $0.90 resistance and the 100-hour moving average. The bulls managed to drive the price above the 23.6% Fibonacci retracement level, which marks a significant point of potential reversal during the decline from the $1.0854 peak to the $0.8612 trough.

Additionally, on the 4-hour chart of the MATIC/USD pair, a breach occurred above a significant bearish trend line, marked at $0.9150. Currently, MATIC trades above $0.9250 and is also higher than the 100 simple moving average with a duration of 4 hours.

Near the $0.960 mark, you’ll find strong opposition to further price increase. The initial barrier to advance lies around $0.9720 or at the 50% point of retreat from the peak of $1.0854 to the trough of $0.8612. Should the price surpass this hurdle, it may continue climbing upwards.

MATIC Price Prediction: Can Polygon Rip Higher To $1.15

If the price reaches the next significant barrier at around $1.00, it might lead to a continuous upward trend. Should the price break through this hurdle, it may aim for higher levels such as $1.10 or even $1.15.

Are Dips Limited in MATIC?

If MATIC‘s price doesn’t manage to go beyond the $0.9720 barrier, there’s a chance for a reversal leading to a decline. The bottom support can be found around $0.915, with the trendline offering the same level of protection.

If the price holds around $0.880, it serves as the primary support. A fall below this point might lead to a new drop towards $0.8620. The following significant support lies at approximately $0.8250.

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 above the 50 level.

Major Support Levels – $0.9150 and $0.880.

Major Resistance Levels – $0.9720, $1.00, and $1.15.

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2024-04-09 08:46