Bitcoin

Resistance

Polygon

MATIC price is consolidating gains above the $0.58 support zone. Polygon might gain bullish momentum if it clears the $0.650 resistance zone.
<ul>
 <li>MATIC price is showing positive signs below the $0.65 resistance against the US dollar.</li>
 <li>The price is trading above $0.60 and the 100 simple moving average (4 hours).</li>
 <li>There is a key contracting triangle forming with resistance near $0.640 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 $0.640 and $0.650 resistance levels.</li>
</ul>
<h2 id="polygon-s-matic-price-aims-higher">Polygon’s MATIC Price Aims Higher</h2>
After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-35k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-big-move-2000/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>.
There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.
MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.
<a href="https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558156" src="https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468" alt="MATIC Price Prediction" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/MATIC.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a>
Source: <a href="https://www.tradingview.com/symbols/MATICUSD/" target="_blank" rel="noopener noreferrer nofollow">MATICUSD on TradingView.com</a>
Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.
<h2 id="downside-correction-in-matic">Downside Correction in MATIC?</h2>
If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.
The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 level.
Technical Indicators
4 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 – $0.610 and $0.584.
Major Resistance Levels – $0.640, $0.650, and $0.700.

MATIC Price Prediction: Polygon Could Blast 10% To $0.70

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