MATIC price faced a strong resistance at $1.7 and had to back down. By losing the key support levels of $1.6 and $1.45 on March 7th, the price fell as low as $1.37. Following that MATIC found support and managed to stabilize above $1.4. Today, with a new uptrend the price surpassed the SMA100 at $1.45. Currently, MATIC is trading at $1.54.
MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC had a bearish week and finally settled at $1.37 on March 7th. Subsequently, the price had a chance to move up. Today, Polygon managed to surpass $1.46 and the SMA100 and by breaking through $1.5 reach $1.53.
Currently, the $1.55 is the first resistance level for MATIC price. In case it successfully surpasses this level, the next resistance level will be at $1.6 on the downtrend. Following that, the price could finally retest the $1.65 and $1.7.
On the other hand, if MATIC fails to surpass $1.5 and $1.6, there could be further price correction. For the bearish scenario, the first support level is at $1.5 followed closely by $1.45 near the SMA100. This level is also near the 50% Fibonacci retracement level. Further decline can bring MATIC price down to $1.4
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 58.
Resistance levels: the first one will be at $1.55. Following that, we can expect $1.6 and then finally $1.6 and $1.7 to be resistance levels on the way.
Support levels: first and foremost, the $1.5 will support the price. After that, the $1.45 will be the next one. And then finally $1.4 will support the price next.
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