Polygon’s MATIC price is consolidating above $0.58 support. It may gain bullish momentum if it clears resistance at $0.650.
Key Takeaways
- MATIC price consolidates above the $0.58 support, showing positive signs.
- A key contracting triangle forms with resistance near $0.640 on the 4-hour chart.
- Immediate resistance is at $0.640, with the major hurdle at $0.650.
MATIC Price Aims Higher
MATIC’s price is currently in a consolidation phase, holding above the crucial $0.58 support level. There are optimistic signals suggesting that Polygon (MATIC) could experience a significant upswing if it manages to surpass the $0.650 resistance barrier.
At present, MATIC is trading favorably above $0.60 and is well-supported by the 100 simple moving average on the 4-hour chart. A noteworthy development is the formation of a key contracting triangle pattern, with a resistance zone situated around $0.640, as observed in data sourced from Kraken.
MATIC Price Prediction: Polygon Could Blast 10% To $0.70https://t.co/Cf5mmGJPMV
— John Morgan (@johnmorganFL) October 30, 2023
The potential for a bullish breakout lies ahead if MATIC succeeds in clearing the resistance levels at $0.640 and $0.650. This could spark a further uptrend in the price of MATIC, with the next substantial resistance zone at $0.665. An eventual move beyond this resistance might even propel the token towards $0.680 or even $0.700.
Downside Correction in MATIC?
However, in the event that MATIC struggles to breach the $0.640 resistance, it could initiate a corrective downturn. Immediate support awaits at the $0.610 level, but the most critical support lies around $0.584, corresponding to the 50% Fibonacci retracement level of the recent upward swing from $0.5032 to $0.6646. Should the price dip below this level, it may pave the way for a fresh decline towards $0.550, the next significant support threshold.
The MATIC price prediction shows the potential for a 10% upward movement to $0.70, provided it overcomes the immediate resistance levels. The formation of a contracting triangle indicates that MATIC is currently in a consolidation phase, with traders eagerly awaiting a breakout in either direction.
To Conclude
Technical indicators also appear favorable, with the MACD gaining momentum in the bullish zone and the RSI surpassing the 50 level. These factors, combined with the broader positive sentiment in the cryptocurrency market, suggest that MATIC might be well-positioned for further gains.
As always, investors should exercise caution and closely monitor price movements as the crypto market is known for its volatility. A successful breach of the $0.650 resistance level could be a significant catalyst for Polygon’s MATIC token, potentially opening the door to higher price targets.
