MATIC price failed the attempt to surpass $1.50 on April 22nd and headed for a correction. With that, the price lost the key $1.43 support level on the SMA100 and dipped below $1.35. Today, Polygon fell as low as $1.29 and is currently trading at this level.
MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC price failing to break through $1.5 and going for a price correction. Subsequently, by losing the $1.43, $1.40 and $1.35 support levels, the price fell down to $1.29.
Currently, the $1.28 to $1.25 zone is the first support level for the price upon which it could bounce back. In that case, the $1.35 and then the $1.40 will be the first resistance levels to beat. These levels are near the SMA100 and 50% Fibonacci retracement level on the chart and are crucial to break. In case of a successful breakthrough, the $1.45 and $1.50 will be the next resistance levels to follow.
On the other hand, if MATIC price fails to surpass $1.35 and $1.4, and subsequently loses the $1.28 support level, we could expect further decline.
For the bearish scenario, the $1.25 will be the next support level followed by $1.18. Further decline can bring MATIC as low as $1.15 and $1.10.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for MATIC is on a downward momentum.
RSI: the relative strength index is approximately 30.
Resistance levels: the first one will be at $1.35. Following that, we can expect $1.40 and then finally $1.45 and $1.50 to be resistance levels on the way.
Support levels: first and foremost, the $1.28 will support the price. After that, the $1.25 and $1.18 will be the next ones. And then finally $1.10 will support the price next.
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