Polygon Shows Strength As Bulls Eye $1, But There Is A Key Issue Pending

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  • MATIC’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.95 with eyes set on $1. 
  • MATIC faces a major issue break and holds above 61.8% Fibonacci value and trends higher to a region of $1.
  • MATIC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price of Polygon (MATIC) has been one of the standout performers during the past few weeks that saw the price of Bitcoin (BTC), Ethereum (ETH), and other altcoins struggle to hold their key Support, the price of Polygon (MATIC) showed strength holding above and bouncing off that region of $0.77 away from this support area. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. MATIC’s price is rallying from $0.83 to a region of $0.95 as the price aims to take the market by its horn. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

In recent times, Polygon has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of MATIC held its ground as price defended its key support area of $0.77. 

MATIC’s price had struggled to replicate its rally that took the price of MATIC to an all-time high of $3 before it faced rejection to trend higher.

After trading in a range for weeks as the price continued to look difficult to trade due to little to no volume to push the price higher as the price continued to look stagnated, MATIC finally showed some movement, rallying from its weekly low of $0.75 to $0.85 and closing higher after several weeks.  

Weekly resistance for the price of MATIC – $1.

Weekly Support for the price of MATIC – $0.77.

Price Analysis Of MATIC On The Daily (1D) Chart

Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.com

In the daily timeframe, the price of MATIC continues to show a more bullish scenario as the price rallied to a high of $0.95 before facing resistance to the trend to a region of $1.  

The price of MATIC needs to break and hold above $0.97 for the price to trend higher to a region of $1, which is a key supply zone for most traders. 

The Fibonacci retracement (Fib) value of 61.8% indicates MATIC’s price faced a rejection to trend higher as the price tried to break above this key value. The price of $0.97 corresponds to the Fib value of 61.8%. If the price of MATIC closes above this level, we could see a rally to $1-$1.2.

Daily resistance for the MATIC price – $1.

Daily Support for the MATIC price – $0.85.

Featured Image From zipmex, Charts From Tradingview

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