MATIC price fell down to $0.5 on May 12 but managed to bounce back. With that, Polygon took back $0.75 but faced strong resistance. Subsequently, the price settled back down to $0.6 right on the trendline and did not go further down. Currently, MATIC is trading at $0.65.
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MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC failing to surpass $0.75 and falling down to $0.6. At that point, the $0.6 on the trendline supported MATIC price.
Currently, MATIC is inside a triangle pattern with bottom at $0.6 supporting the price. In case this levels provides consistent support, we can see Polygon making another attempt to escape from the top.
In that case, the $0.75 is the next resistance level followed by $0.80. Following that, the $0.9 and $1 will be the next key resistance levels for MATIC.
On the other hand, if MATIC price fails to surpass $0.75 and subsequently loses the $0.65, it could have another correction ahead. For this scenario, the $0.6 will be the key support level for Polygon. Further decline can bring MATIC as low as $0.5.
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 50.
Resistance levels: the first one will be at $0.75. Following that, we can expect $0.80 and then finally $0.90 and $1 to be resistance levels on the way.
Support levels: first and foremost, the $0.65 will support the price. After that, the $0.60 and $0.55 will be the next ones. And then finally $0.50 will support the price next.
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