Polygon (MATIC) Price Fails to Break Major Resistance Zone, Can MATIC Break $2?

Road to $2 MATIC?

MATIC price had an amazing run in the first half of this year as prices rose nearly 16,000%. Since the cryptocurrency market had its 2 month correction, MATIC has been attempting to reach previous levels traded at in May. Only a few alt coins have set new ATHs since the low was recorded on July 20th.

If BTC & ETH decide to breakout to the upside, we may see MATIC price & other alt coins reach new all time highs. MATIC has been trading along with the majority of the market, closely following ETHs moves.

Since MATIC price bounced off its low on July 20th, price has been riding a trend line ever since. At the time of writing, MATIC is trading right above this trend line. If bulls assert their dominance & push MATIC price off this line, it may have a shot a breaking to the upside. Firstly, bulls must break & hold the major resistance found at $1.52.

If this is deemed successful, MATIC will then have to battle it out at its major resistance zone of $1.63-$1.72. If bulls clear both of these marks, we should see MATIC trading around $2.00. 

MATIC Price Analysis: MATIC/USDT 1 Day Chart

At the time of writing, MATIC price is hanging out within its major support zone of $1.38-$1.47. Price must hold this mark to have a shot at reaching its given targets. In the case that bulls fail to break & hold the important resistance marks, we should expect a break of this major support zone. Breaking this zone will also break below the mid term trend line that price has held for nearly 4 weeks. In addition, the 25 MA has held as support for over a month & this MA is directly in line with the mid term trend line. If this break occurs, expect MATIC price to fall into its major support zone around $1.20.

While looking at the Stochastic RSI, we can see strength has just slowly reset to oversold conditions over the last 2 weeks. As long as strength can push back out of the oversold region & break over the 50 value, we should expect a strong revival off the current trend line. While looking at the MACD, we can see how it just crossed bearish & the histogram started to tick red. If the MA’s continue down & break below the 0 value, we may see MATIC price fall to the $1.20 region.

MATIC Intraday Analysis

• Spot rate: $1.14
• Trend: Neutral
• Volatility: High
• Support: $1.38
• Resistance: $1.47