MATIC price hit $1 on July 18 but failed to push forward. With that, the price fell down to $0.70 on July 26 and found support on the trendline. Subsequently, it had another chance to bounce back. Once again, Polygon reached $1 but was unsuccessful to stabilize and had a correction on July 31. Then, the price came down to $0.85 and turned bullish at that point yet again. Today, MATIC price is making another attempt to surpass $1 and is currently trading around this level.
MATIC Price Action Analysis
Taking a look at the 4-hour chart, we see MATIC in an upward channel ranging between the ceiling and the bottom. On July 26, the price hit the bottom at $0.70 and reached the top at $1 on July 31. At that point, Polygon had to back down with a correction.
Currently, the $1 level is the first and the most important resistance for MATIC. With a closer look, we find a long-term downtrend having a resistance level at $1. In case Polygon manages to surpass and stabilize above $1, the growth will continue. For that, the $1.10, $1.20 and $1.30 are the next resistance levels for MATIC price.
On the other and, if MATIC price fails to surpass $1, the $0.90 on the SMA100 is the first support level. In case of losing this level, the $0.80 and $0.70 are the following support levels. Further decline can bring Polygon as low as $0.60 in short-term.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for MATIC is on an upward momentum.
RSI: the relative strength index is approximately 75.
Resistance levels: the first one will be at $1. Following that, we can expect $1.10 and then finally $1.20 and $1.30 to be resistance levels on the way.
Support levels: first and foremost, the $0.90 will support the price. After that, the $0.80 and $0.70 will be the next ones. And then finally $0.68 will support the price next.
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog