MATIC price is recovering from the $0.55 support area. The polygon might rise further towards the $0.725 and $0.750 resistance levels.
- MATIC price is trying a recovery wave above the $0.60 resistance against the US Dollar.
- The price is trading above $0.64 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.605 on the 4-hour chart of MATIC/USD (data source from Kraken).
- The pair could continue to rise if it clears the $0.725 resistance area.
Attempts to recover Polygon’s MATIC price
In the past few days, Polygon price has seen a significant decline from well above $0.80. The Matic fell below the $0.750 support to move into a bearish zone.
A bottom formed near $0.5432 and the price is now attempting a new rally, similar to Bitcoin and Ethereum. The price managed to climb above $0.60. Besides, there was a break above a major bearish trend line with resistance near $0.605 on the 4-hours chart of the Matic/USD pair.
It breached the 23.6% Fibonacci retracement level of the downside move from $0.9067 to a low of $0.5432. MATIC price is now trading above $0.64 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.725 level.
If there is an upside break above the $0.725 resistance or the 50% Fibonacci retracement level of the downside move from $0.9067 to the $0.5432 low, the price may continue to recover. The next major resistance is near $0.78.
source: MATICUSD on TradingView.com
A clear move above the $0.78 resistance could start a steady increase. In the mentioned case, the price might try to move towards the $0.80 or $0.82 level.
New dip in the Matic?
If MATIC price fails to rise above the $0.725 resistance, it might start a new decline. There is immediate support on the downside near the $0.65 level.
The main support is near the $0.625 level. A break-down below $0.625 could open the doors for a fresh decline towards $0.60. The next major support is near the $0.55 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 – $0.65 and $0.625.
Key Resistance Levels – $0.725, $0.75, and $0.78.
