MATIC price is recovering from the $0.82 support area. The polygon could go higher but a major barrier is forming near the $1.00 area.
- MATIC price is trying a recovery wave above the $0.86 resistance against the US Dollar.
- The price is trading above $0.86 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.880 on the 4-hours chart of MATIC/USD (data source from Kraken).
- The pair could continue to rise if it clears the $0.90 resistance area.
Attempts to recover Polygon’s MATIC price
In the past few days, Polygon price has witnessed a steady decline from well above $1.00. The Matic fell below the $0.900 support to move into a bearish zone.
A bottom formed near $0.8206, and the price is now attempting a similar recovery wave for Bitcoin and Ethereum. The price managed to rise above $0.850. Besides, there was a break above a major bearish trend line with resistance near $0.880 on the 4-hour chart of the Matic/USD pair.
It has breached the 23.6% Fibonacci retracement level of the downside move from the $1.017 swing high to $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.
If there is an upside break above the $0.90 resistance, the price could continue to recover. The next major resistance is near $0.95 or the 61.8% Fibonacci retracement level of the downside move from the $1.017 swing high to $0.8206 low.
source: MATICUSD on TradingView.com
A clear move above the $0.95 resistance could start a steady increase. In the mentioned case, the price might try to move towards the $0.985 or $1.00 level.
New dip in the Matic?
If MATIC price fails to rise above the $0.90 resistance, it might start a new decline. There is immediate support on the downside near the $0.88 level.
The main support is near the $0.865 level. A break-down below $0.865 could open the door for a fresh decline towards $0.82. The next major support is near the $0.80 level.
Technical indicators
4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.
Major Support Levels – $0.88 and $0.865.
Key Resistance Levels – $0.90, $0.95, and $1.00.