New Delhi(CoinChapter):Polygon’s MATIC is approaching a major support at $0.95. The price could bounce back if there is a clear move above the $1.16 resistance.
Polygon (MATIC) Price Tests Key Support
This past week, we saw a strong decline in MATIC price from the $1.565 resistance zone against the US Dollar. The price declined below the $1.50 and $1.45 levels to move into a bearish zone.
The bears were able to push the price below the $1.30 support levels. The price traded below a crucial bullish trend line at $1.20 on the daily chart. It opened the doors for more losses below $1.20, similar to Ethereum and Bitcoin.
The price even spiked below the 61.8% Fib retracement level of the upward move from the $0.751 swing low to $1.567 high. It is now trading well below $1.20 and the 50-day simple moving average (blue).
It is now trading near the $1.05 support zone. On the upside, an immediate resistance is near the $1.12 level. The next major resistance is near the $1.16 level. A clear move above the $1.16 resistance zone could set the pace for a fresh increase.
In the stated case, the price could test the $1.20 level and the 50-day simple moving average (blue). Any more gains might open the doors for a move toward the $1.30 resistance.
Conversely, MATIC price might fail to clear the $1.16 resistance zone or $1.20. In the mentioned case, the price could continue to move down. An initial support is near the $1.05 level. The next major support is near $1.00.
The main support sits near the $0.95 zone or the 76.4% Fib retracement level of the upward move from the $0.751 swing low to $1.567 high. A close below $0.95 may perhaps increase selling pressure. In the stated case, the price might dive toward the $0.80 support or even $0.75.
Overall, MATIC price is approaching a major support near $1.00. If the bulls remain in action, it could start a decent increase above the $1.16 resistance. If not, there could be more losses toward the $0.95 support or even $0.80.
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