Bitcoin

Resistance

Polygon

MATIC price is up over 15% and trading near $0.85. Polygon bulls are in charge, and they might soon aim for a move toward the $1.00 level.<ul><li>MATIC price started a strong increase above the $0.75 resistance against the US dollar.</li><li>The price is trading above $0.78 and the 100 simple moving average (4 hours).</li><li>There is a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).</li><li>The pair could continue to rise if it clears the $0.850 and $0.880 resistance levels.</li></ul><h2 id="polygon-price-signals-breakout">Polygon Price Signals Breakout</h2>After forming a base above the $0.65 level, Polygon’s price started a strong increase. MATIC broke many hurdles near $0.70 to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bullish-streak-36k/" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surges-10-pc-2120/" rel="noopener noreferrer nofollow">Ethereum</a>.There was a move above the $0.75 resistance and the price climbed over 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price saw a downside correction. There was a sharp decline below the $0.820 level.The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the $0.750 support zone.There is also a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level. The first major resistance is near the $0.880 level. If there is an upside break above the $0.880 resistance level, the price could continue to rise.<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC.png?resize=1024%2C468" rel="noopener noreferrer nofollow"><img class="alignnone size-full wp-image-560016" src="https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC.png?resize=1024%2C468" alt="MATIC Price Prediction" width="1024" height="468"></a>Source: <a href="https://www.tradingview.com/symbols/MATICUSD/" rel="noopener noreferrer nofollow">MATICUSD on TradingView.com</a>The next major resistance is near $0.920. A clear move above the $0.920 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.980 level or $1.00.<h2 id="downside-correction-in-matic">Downside Correction in MATIC?</h2>If MATIC’s price fails to rise above the $0.850 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.800 level.The main support is near the $0.775 level or the trend line. A downside break below the $0.775 level could open the doors for a fresh decline toward $0.720. The next major support is near the $0.700 level.Technical Indicators4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.Major Support Levels – $0.800 and $0.775.Major Resistance Levels – $0.850, $0.880, and $0.980.

MATIC Price Prediction: Polygon Pump 15%, Bulls Target $1

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