As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current rise in MATIC‘s price is an interesting development that could potentially lead to significant gains for investors.
As an analyst, I’m observing a promising upward trend in MATIC‘s price, having recently emerged from the $0.3920 region. If this bullish momentum continues, Polygon (MATIC) could break through its resistance at $0.4220, potentially indicating further price increases.
- MATIC price started a fresh increase above the $0.410 level against the US dollar.
The price is trading above $0.4120 and the 100-hour simple moving average.
There is a key rising channel forming with support at $0.4125 on the hourly chart of the MATIC/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.4220 and $0.4250 resistance levels.
Polygon Price Aims Higher
Following its establishment of a new base at approximately $0.3920, the value of Polygon has been on an upward trajectory, surpassing the significant resistance level of $0.400. At present, MATIC is advancing above the $0.4100 mark and showing strong performance compared to both Ethereum and Bitcoin.
In simpler terms, the price for MATIC/USD surpassed the $0.4120 mark and went beyond the 50% Fibonacci retracement level in its downward trend from the peak at $0.4317 to the low at $0.3922. Notably, a significant upward trendline (rising channel) is emerging on the hourly chart, with support at $0.4125 for the MATIC/USD pair.
Currently, MATIC‘s price stands above $0.4150 and aligns with its 4-hour 100 simple moving average. The next potential resistance level can be found around the $0.4220 region. This area is also close to the 76.4% Fibonacci retracement level, calculated from the price drop between the high of $0.4317 and the low of $0.3922.
Initially, a significant barrier lies around $0.4250. If the price manages to surge past this hurdle, it might continue climbing. The next substantial obstacle is seen at $0.4450. Overcoming this barrier decisively could trigger a steady upward trend, potentially even pushing the price towards $0.4620 or even $0.480.
Another Dip in MATIC?
If MATIC‘s price doesn’t manage to surpass the $0.4220 barrier, there’s a possibility of another drop. The nearest support lies around $0.4150 if it does fall.
The primary reinforcement lies around the $0.4120 mark and the trend line of the channel. A potential drop below the $0.4120 mark might lead to a new descent, potentially reaching $0.40. The subsequent significant support can be found at approximately $0.3920 level.
Technical Indicators
Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major Support Levels – $0.4150 and $0.4120.
Major Resistance Levels – $0.4220, $0.4250, and $0.4450.
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2024-08-19 12:40