MATIC is going crazy with close to 10% of momentum on daily charts. While breaking the 100 DMA and resistance of $1.25 levels has created a huge buying surge on MATIC cryptocurrency, we can expect the really to attempt breaching the $1.70 resistance and trying an attempt at $2.00 soon. Given the strong following of the trend line, there is absolutely no weakness in this cryptocurrency price action. A few technical indicators will surely be helpful in managing the uncertainty.
The candle of August 12 is showing an indecisive battle between buyer and seller which turned out to be a pullback for today’s massive 9% rally.
MATIC Price Analysis
MATIC took support from $1.126 levels and has managed to break the 100 DMA short-term resistance zone with a strong up move. The next resistance to its price action comes out at $1.70 with support at $1.10 levels. A decent 1:1 risk to reward ratio is there, but for crypto holders, the current values might be the best valuation they can expect once MATIC price rallies towards $2 and attempts an all-time high.
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Both MACD and RSI are indicating strength and continuation of price action. But there can be some consolidation or profit booking with the $1.125 resistance line turning into a support zone. The MACD pattern and convergence divergence lines are similar to the May 2021 levels where we witnessed a massive breakout and new highs.
Polygon (MATIC) has now turned its immediate resistance on daily charts into a support level for hourly trades and has even retested the same twice. With the momentum witnessed across the cryptocurrencies, we can identify a pattern of attempting new monthly highs after retesting the immediate support levels.
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So far, the volumes have supported the buyers, but this trend is close to being over soon. As MATIC re-attempts the $1.50 levels on hourly charts, we can witness another breakout soon as per our MATIC prediction.
