MATIC price had a strong bull run starting from February 24th and surpassed the $1.55 and then $1.6. The price managed to reach $1.7 but failed to break through. Following that, MATIC price lost the $1.6 to $1.58 on the SMA100 and entered a bearish phase. Subsequently, by losing the $1.5, Polygon had to come down to $1.45 today. Currently, MATIC is trading around $1.48.
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MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC price facing a strong resistance at $1.7. The price failed to surpass this level and by losing the $1.6 and $1.5 levels, it fell as low as $1.45 today. At this point however, the price found support and stabilized.
Currently, the $1.45 is the crucial support level for Polygon and in case of a successful break through, it could bounce back.
For the bullish scenario, the first resistance level will be at $1.5 followed by $1.58 to $1.6. This level is near the 50% Fibonacci retracement level and the next resistance level will be the SMA100. If MATIC price manages to surpass $1.7, the $1.85 will be the next resistance level.
On the other hand, if MATIC fails to surpass $1.5 and loses the $1.45, we should expect further decline. In this case, the $1.40 and $1.35 will be the next support levels. Further decline can bring MATIC price as low as $1.3 and $1.25.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for MATIC is on a downward momentum.
RSI: the relative strength index is approximately 37.
Resistance levels: the first one will be at $1.5. Following that, we can expect $1.6 and then finally $1.7 and $1.85 to be resistance levels on the way.
Support levels: first and foremost, the $1.45 will support the price. After that, the $1.40 will be the next one. And then the $1.35 and finally $1.3 will support the price next.
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