MATIC price is consolidating gains above the $0.58 support zone. Polygon might gain bullish momentum if it clears the $0.650 resistance zone.

MATIC price is showing positive signs below the $0.65 resistance against the US dollar.
The price is trading above $0.60 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.640 and $0.650 resistance levels.

Polygon’s MATIC Price Aims Higher

After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.

MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.

Source: MATICUSD on TradingView.com

Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.

The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 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 – $0.610 and $0.584.

Major Resistance Levels – $0.640, $0.650, and $0.700.

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Filed under: Bitcoin - @ October 30, 2023 4:58 am