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MATIC worth began a recent enhance from the $0.80 assist zone. Polygon bulls at the moment are aiming a one other enhance above the $1.05 resistance zone.

• MATIC worth began an honest enhance above the $0.85 resistance towards the US greenback.
• The worth is buying and selling above $0.92 and the 100 easy shifting common (4-hours).
• There is a key bullish development line forming with assist close to $0.955 on the 4-hours chart of the MATIC/USD pair (knowledge supply from Kraken).
• The pair might proceed to rise in the direction of the $1.08 and $1.20 resistance ranges.

Polygon’s MATIC Price Eyes More Upsides

This previous month, polygon’s worth declined beneath the $0.80 assist zone. MATIC even broke the $0.75 assist zone and the 100 easy shifting common (4-hours).

However, the bulls have been lively close to the $0.70 assist zone. A base was fashioned above the $0.75 stage and the worth began a recent enhance. The worth was capable of clear the $0.80 and $0.85 resistance ranges. The bulls took management above the $0.90 stage and the 100 easy shifting common (4-hours).

Finally, the worth spiked above the $1.0 stage, outperforming bitcoin and ethereum. A excessive is fashioned close to $1.05 and the worth is now consolidating positive aspects. It is buying and selling above $0.92 and the 100 easy shifting common (4-hours).

MATIC worth can be buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $0.831 swing low to $1.054 excessive. On the upside, a direct resistance is close to the $1.02 stage. The first main resistance is forming close to the $1.05 zone.

Source: MATICUSD on TradingView.com

If there may be an upside break above the $1.02 and $1.05 resistance ranges, the worth might begin one other robust enhance. In the acknowledged case, the worth might rise steadily in the direction of the $1.20 stage.

Dips Limited in MATIC?

If MATIC worth fails to rise above the $1.02 and $1.05 resistance ranges, it might begin a draw back correction. An quick assist on the draw back is close to the $1.0 stage.

The predominant assist is close to the $0.950 stage and a bullish development line. A draw back break beneath the $0.950 stage might open the doorways for a recent decline in the direction of $0.90. The subsequent main assist is close to the $0.85 stage.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum within the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 stage.

Major Support Levels – $1.0 and $0.95.

Major Resistance Levels – $1.02, $1.05 and $1.20.