Polygon’s MATIC price has experienced a rapid surge, boasting a 15% increase and trading near the $0.85 mark. As the coin’s value continues to rise, bullish trends are evident, leading to speculation that it may soon push past the $1.00 threshold. The recent surge in price marks a notable bullish breakout for the Polygon network.
The latest increase in MATIC price began with a formidable push above the $0.75 resistance level against the US dollar. Currently, the price is trading above $0.78 and has surpassed the 100 simple moving average (4 hours), signaling positive momentum for the cryptocurrency. A key bullish trend line is also forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair, sourced from Kraken data, further solidifying the upward trajectory.
With the recent spike in value, the MATIC price now finds itself near the $0.850 resistance level, with aspirations to overcome this hurdle and potentially reach the $0.880 mark. Should these resistance levels be successfully cleared, it could prompt continued growth for the cryptocurrency.
Following a brief downside correction from the $0.8588 high, the price remained above the $0.750 support zone, demonstrating resilience from the bulls. The formation of a key bullish trend line, coupled with strong support near the $0.775 mark, further solidifies the positive projections for MATIC’s price movement.
The current position places MATIC above the 100 simple moving average (4 hours), creating an environment for potential growth. The immediate resistance level is positioned near the $0.850 mark, with the first significant hurdle at $0.880. If an upward break from these resistance levels occurs, it could pave the way for further advancements in the price of MATIC.
The next significant resistance level after $0.880 stands at $0.920, where a successful breach could signal a steady increase in value. In an optimistic scenario, a move towards the $0.980 or even the $1.00 level could be on the horizon for Polygon’s MATIC price.
In the event that MATIC fails to surpass the $0.850 resistance level, a downside correction may unfold. Immediate support on the downside is expected near the $0.800 level, with the primary support zone residing around $0.775 or the established trend line. A potential decline below the $0.775 level could open the door for a fresh downward trend toward $0.720, with the next significant support level standing at $0.700.
Technical indicators for the MATIC/USD pair paint a favorable picture, with the 4-hour MACD showing gaining momentum in the bullish zone. Additionally, the Relative Strength Index (RSI) for MATIC/USD has surpassed the 50 level, further bolstering the bullish sentiment. The major support levels for MATIC are pegged at $0.800 and $0.775, with resistance levels situated at $0.850, $0.880, and $0.980.
As the cryptocurrency market continues to display volatility and progression, Polygon’s MATIC price surge exhibits promising signs of entering an upward trajectory. With bullish indicators in place, the potential for a move toward the anticipated $1.00 level seems plausible. This positive trajectory could signal further growth and market confidence in Polygon’s cryptocurrency, offering investors and enthusiasts an opportunity to capitalize on the ongoing price surge.