MATIC price fell as low as $0.32 on June 19 and with a strong support, it managed to bounce back. During the recovery, the price climbed all the way up to $0.62 but faced resistance and backed down. With that, MATIC fell down to $0.42 and found support at the trendline. Subsequently, Polygon set to recover and surpassed $0.65, $0.80 and finally reached $1 on July 1. Once again, it hit the downward trendline and dipped back down to $0.8. At this point, MATIC price is at $0.9 and is having solid support.
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MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC finding support at $0.42 and managing to surpass the trendline at $0.60. Following that, the price broke through $0.65, $0.75 and $0.80 then reached $1. At this level, it failed to go any further and had to back down.
Currently, the $0.80 is the first resistance level for MATIC. In case the price manages to surpass this level, we can expect another attempt to break the trendline. In which case, the $0.90 and $0.95 near the SMA100 will be key resistance levels. After that, the $1 is the critical level to beat.
On the other hand, if MATIC price fails to surpass $0.90 and $0.95 and loses the $0.80, we can expect further decline.
For the bearish scenario, the $0.75, $0.70 and $0.68 are key support levels for the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for MATIC is on a downward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: the first one will be at $0.95. Following that, we can expect $1 and then finally $1.20 and $1.30 to be resistance levels on the way.
Support levels: first and foremost, the $0.80 will support the price. After that, the $0.75 and $0.70 will be the next ones. And then finally $0.68 will support the price next.
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