NewsBTC
3 December 2024
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MATIC Price Shows Bullish Momentum, Targets $0.70 Resistance

MATIC price is showing positive signs from the $0.580 zone. Polygon is rising and may gain bullish momentum above the $0.70 resistance.

  • MATIC price started a fresh increase above the $0.620 level against the US dollar.
  • The price is trading above $0.650 and the 100-hour simple moving average.
  • A break occurred above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.680 and $0.700 resistance levels.

Polygon Price Aims Higher

After forming a base above the $0.5750 level, Polygon’s price increased above the $0.600 pivot level. MATIC is moving higher above the $0.620 level, similar to Ethereum and Bitcoin.

A move above the $0.650 level was noted. Additionally, there was a break above a short-term bearish trend line with resistance at $0.6350. The pair tested the $0.680 resistance zone and is consolidating gains well above the 23.6% Fibonacci retracement level of the upward move from the $0.5715 swing low to the $0.6800 high.

MATIC is trading above $0.650 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.680 zone, with the first major resistance at the $0.70 level.

Polygon Price

If there is an upside break above the $0.70 resistance level, the price could continue to rise, targeting the next major resistance near $0.750. A clear move above this level could lead to further increases toward $0.780 or $0.80.

Another Dip In MATIC?

If MATIC’s price fails to rise above the $0.680 resistance level, it could start another decline. Immediate support is near the $0.650 level.

Main support is around the $0.6250 level or the 50% Fibonacci retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. A downside break below $0.6250 could lead to a decline toward $0.60, with the next major support near the $0.5750 level.

Technical Indicators

Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.6500 and $0.6250.

Major Resistance Levels – $0.6800 and $0.7000.