MATIC price entered a bearish phase on April 5 by losing the key support level at $1.6. On April 11, Polygon fell as low as $1.33 and even touched $1.31 but managed to find support and bounce back. Subsequently, MATIC price had a recovery and reached back up to $1.45. However, the price once again reached the trendline and had to go for a correction down to $1.35. With that, Polygon did not lose this support level and is currently trading at $1.38.
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MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC losing the $1.6 support level and coming down to $1.3. But it did not dip below the $1.3.
Currently, MATIC price is inside a triangle pattern and is ranging between the top and bottom. Yesterday, the price touched the bottom at $1.3 and reached the top at $1.40 today. The $1.40 is also located on the SMA100 which is a key resistance level.
In case the $1.30 at the bottom continues to support the price, MATIC could make an attempt to escape from the top. In that case, the next resistance level will be at $1.45 followed by $1.48 and $1.50. After that, the $1.6 will be a key resistance level for the price.
On the other hand, if MATIC price fails to surpass $1.4 and subsequently loses the $1.35, we can expect further decline. For the bearish scenario, the $1.30 will be a key support level followed by $1.25.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for MATIC is on an upward momentum.
RSI: the relative strength index is approximately 47.
Resistance levels: the first one will be at $1.40. Following that, we can expect $1.45 and then finally $1.48 and $1.50 to be resistance levels on the way.
Support levels: first and foremost, the $1.35 will support the price. After that, the $1.30 will be the next one. And then finally $1.25 will support the price next.
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