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MATIC worth is consolidating positive aspects above the $0.58 help zone. Polygon would possibly achieve bullish momentum if it clears the $0.650 resistance zone.

• MATIC worth is displaying optimistic indicators under the $0.65 resistance towards the US greenback.
• The worth is buying and selling above $0.60 and the 100 easy transferring common (4 hours).
• There is a key contracting triangle forming with resistance close to $0.640 on the 4-hour chart of the MATIC/USD pair (information supply from Kraken).
• The pair might proceed to rise if it clears the $0.640 and $0.650 resistance ranges.

Polygon’s MATIC Price Aims Higher

After forming a base above the $0.50 stage, Polygon’s worth began a gentle improve. MATIC broke many hurdles close to $0.550 to maneuver right into a optimistic zone, like Bitcoin and Ethereum.

There was a transfer above the $0.60 resistance and the value climbed as excessive as $0.6646. Recently, there was a minor draw back correction under the $0.640 stage. The worth declined under the 23.6% Fib retracement stage of the upward transfer from the $0.5032 swing low to the $0.6646 excessive.

MATIC is now buying and selling above $0.60 and the 100 easy transferring common (4 hours). There can also be a key contracting triangle forming with resistance close to $0.640 on the 4-hour chart of the MATIC/USD pair.

Source: MATICUSD on TradingView.com

Immediate resistance is close to the $0.640 stage. The first main resistance is close to the $0.650 stage. If there may be an upside break above the $0.650 resistance stage, the value might proceed to rise. The subsequent main resistance is close to $0.665. A transparent transfer above the $0.665 resistance might begin a gentle improve. In the acknowledged case, the value might even try a transfer towards the $0.680 stage or $0.700.

Downside Correction in MATIC?

If MATIC’s worth fails to rise above the $0.640 resistance stage, it might begin a draw back correction. Immediate help on the draw back is close to the $0.6100 stage.

The predominant help is close to the $0.584 stage or the 50% Fib retracement stage of the upward transfer from the $0.5032 swing low to the $0.6646 excessive. A draw back break under the $0.584 stage might open the doorways for a contemporary decline towards $0.550. The subsequent main help is close to the $0.532 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 – $0.610 and $0.584.

Major Resistance Levels – $0.640, $0.650, and $0.700.