MATIC price is recovering from the $0.60 support zone. Polygon might rise further toward the $0.75 and $0.80 resistance levels.
- MATIC price is attempting a recovery wave above the $0.68 resistance against the US dollar.
- The price is trading above $0.70 and the 100 simple moving average (4 hours).
- There was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.720 resistance zone.
Polygon’s MATIC Price Starts Recovery
After a major decline, Polygon’s price found support near the $0.60 zone. MATIC traded as low as $0.600 and recently started a recovery wave.
The recent gains in Ethereum and Bitcoin also helped altcoins such as MATIC and ADA. MATIC was able to climb above the $0.65 and $0.68 resistance levels. Besides, there was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair.
The price is now trading above $0.70 and the 100 simple moving average (4 hours). A high is formed near $0.7205 and the price is now consolidating gains.
It is well above the 23.6% trading above $0.70 and the 100 simple moving average (4 hours).. Immediate resistance is near the $0.720 level. The first major resistance is near the $0.75 level. If there is an upside break above the $0.750 resistance level, the price could continue to rise.
Source: MATICUSD on TradingView.com
The next major resistance is near $0.78. A clear move above the $0.78 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.80 level or $0.82.
Downside Correction in MATIC?
If MATIC’s price fails to rise above the $0.720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.692 level.
The main support is near the $0.65 level or the 50% trading above $0.70 and the 100 simple moving average (4 hours). A downside break below the $0.65 level could open the doors for a fresh decline toward $0.622. The next major support is near the $0.60 level.
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 – $0.692 and $0.650.
Major Resistance Levels – $0.720, $0.750, and $0.800.