NEW DELHI (Coinchapter.com) — Polygon’s MATIC token price gained over 25% and even tested $1.55. However, the price is correcting gains and might soon retest the $1.35 support zone.
Polygon’s MATIC Price Dips Turn Attractive
In the past few days, MATIC’s price increased strongly from the $1.15 support zone against the US Dollar. The price cleared many hurdles near $1.25 and $1.30 to move into a positive zone.
It gained over 25% in a few days and exceeded the $1.40 level. The upward move was such that the price spiked above the $1.55 resistance. A high is around $1.567, and the price is now correcting gains.
There was a downside correction below the $1.50 level. However, the price is still well above the 50 simple moving average (4 hours, blue), similar to Bitcoin and Ethereum.
MATIC price is slowly moving below the 23.6% Fib retracement level of the upward move from the $1.137 swing low to the $1.566 high. It trades inside a bullish flag with resistance near $1.46 on the 4-hours chart.
Immediate resistance on the upside is near the $1.445 level. The first major resistance is near the $1.460 and channel trend lines. A close above the $1.46 resistance might start another strong increase.
The price may rise toward the $1.56 level in the stated case. However, any more gains might open the doors for a move toward the main $1.70 resistance zone.
Dips Supported in MATIC?
The price might extend its downside correction if there is no new increase above $1.46. Immediate support is near the $1.435 level and the channel lower trend line. The next major support is near $1.40 and the 50 simple moving average (4 hours, blue).
The main support is now near $1.35, or the 50% Fib retracement level of the upward move from the $1.137 swing low to the $1.566 high. A close below $1.35 may send the price to $1.30, where the bulls might take a stand.
The MATIC price rally is losing momentum, but it seems far from over. There could be a new rally if the price is above the $1.30 level. Conversely, the price might decline and revisit the $1.135 support zone.
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