MATIC Price Prediction: Polygon Bulls Keeps Pushing, $1.50 Next?
February 15 2023 - 11:45PM
NEWSBTC
MATIC price started a fresh increase from the $1.12 support zone.
Polygon bulls seem to be aiming more gains towards the $1.50
resistance zone. MATIC price started a fresh rally above the $1.25
resistance against the US dollar. The price is trading above $1.25
and the 100 simple moving average (4-hours). There was a break
above a key bearish trend line with resistance near $1.255 on the
4-hours chart of the MATIC/USD pair (data source from Kraken). The
pair could continue to rise towards the $1.45 and $1.50 resistance
levels. Polygon’s MATIC Price Rallies 10% In the past few sessions,
polygon’s price saw a strong increase above the $1.20 zone.
MATIC gained pace for a clear move above the $1.25 resistance
zone. Besides, there was a break above a key bearish trend line
with resistance near $1.255 on the 4-hours chart of the MATIC/USD
pair. The price is up over 10% and trading above the $1.35
resistance zone, similar to bitcoin and ethereum. MATIC price is
trading above $1.30 and the 100 simple moving average (4-hours). On
the upside, an immediate resistance is near the $1.398 level. It is
near the 1.236 Fib extension level of the downward move from the
$1.349 swing high to $1.137 low. The first major resistance is
forming near the $1.40 zone. If there is an upside break above the
$1.40 resistance level, the price could start another strong
increase. In the stated case, the price could rise steadily towards
the $1.45 level or even $1.48. Source: MATICUSD on TradingView.com
The 1.618 Fib extension level of the downward move from the $1.349
swing high to $1.137 low is also near $1.48, above which the price
may perhaps revisit $1.50. Dips Supported in MATIC? If MATIC price
fails to rise above the $1.398 and $1.40 resistance levels, it
could start a downside correction. An immediate support on the
downside is near the $1.348 level. The main support is near the
$1.255 level or trend line. A downside break below the $1.255 level
could open the doors for a fresh decline towards $1.222. The next
major support is near the $1.20 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 60 level. Major Support Levels – $1.30 and $1.255.
Major Resistance Levels – $1.40, $1.48 and $1.50.
Polygon (COIN:MATICUSD)
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