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Matic clears 4 month down trend line as bulls eye $2.00

Matic clears 4 month down trend line as bulls eye $2.00

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Polygon (MATIC) price has been performing in an average way over the last month. Many coins have surged near their previous ATH but MATIC is still near 75% away. Over the last month, the overall cryptocurrency market has had one of the best months for some time. The majority of coins are up 100%-200% from their lows set on July 20th. Polygon offers an important platform for Ethereum scaling & infrastructure development.

With MATIC staying in the top 20 coins recently, we can only expect more upside as long as BTC stays bullish.

Ever since July 21st, Polygon has been holding above a mid term support trend. Each time price has touched this trend, it has bounced strongly thereafter which shows bulls are still strong in this market. The last time MATIC bounced off this trend, it accelerated with much strength past its downtrend line of near 4 months.

At the time of writing, price has retested this as support & is heading towards its major resistance zone of $1.63-$1.70. If MATIC price manages to break & hold this zone, we should expect prices to rise to $1.88+.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

Considering Polygon just broke out of its 4 month downtrend, we need to be weary of the fact that this could still be a false breakout. In the case MATIC fails to break over its major resistance zone & breaks below this trend line, we should expect MATIC to hold the $1.52 area. If this level fails to hold the price, MATIC price should find support at the mid term support trend. Along with this trend lies the 200MA & this MA has held price up for over a month. Anything below these marks will leave MATIC in a bear trend.

While looking at the Stochastic RSI, we can see strength just attempted to break into the overbought region but was quickly rejected back down. If strength fully enters the overbought region, MATIC price will have the fuel to break into its major resistance zone. Anything below the 80 value will leave MATIC in a retracement.
The MACD is aiming towards the sky as it just broke over the 0 value a couple days ago. As of now, the MACD seems to be in a neutral position.

MATIC Intraday Analysis

Spot rate: $1.64
Trend: Sideways
Volatility: Medium
Support: $1.52
Resistance: $1.70

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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