MATIC Price Prediction: Polygon Breaks 2 Month Trend In Attempt to Reach $1.50 [Live Chart]

By Domenic
Published August 10, 2021 Updated August 10, 2021
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MATIC Price Prediction: Polygon Breaks 2 Month Trend In Attempt to Reach $1.50 [Live Chart]

By Domenic
Published August 10, 2021 Updated August 10, 2021
  • MATIC price has revived nearly 90% off low in July
  • MATIC Price has been battling major resistance zone
  • 100MA is now acting as support

MATIC price has been overall flat the last two weeks as it attempts to regain a major resistance zone. The majority of the cryptocurrency market has fully broken out of its downtrends & have been aiming towards levels traded at in May. This is a great sign as many investors were worrying a dip to low $20,000s on BTC. MATIC price has been lagging a bit but this is expected as it had one of the most explosive bull trends which ended later than others. 

While looking at the last 2.5 weeks, we can see how price has been respecting an ascending channel. Each time price hits either trend, it has gotten rejected to the other. If bulls manage to break the top trend, the major resistance of $1.16-$1.22 must be held to experience a large pump. At the time of writing, price is holding its major support at $1.11.

As long as this continues, MATIC is in position to break its resistance zone and head to targets of $1.32 & $1.45.

MATIC Price Prediction: MATIC/USDT 4 Hour Chart

TradingView Chart Snapshot

In addition, MATIC just managed to break over a near two month downtrend line over the past week. Yesterday, MATIC price retested this as support, which is a very bullish sign overall. Along with the new trend line support, lies the 100MA. This MA has been holding as support for almost a month & a break below this will surely confirm a short term bearish trend. There is also a major support zone near the 100MA. This zone lies from $1.01-$1.05. If bears take control & break these two marks, MATIC price will likely fall to $0.93.

  • While looking at the RSI, we can conclude it has been overall bullish as it has stayed above the 50 value. A strong push to the overbought region will be needed for MATIC to break over its resistance zone & hit its targets. Inversely, a break below the 50 value will confirm some type of downtrend.
  • The Stochastic RSI has just reset to oversold levels and is now making its way to overbought levels. Staying above the 50 value is needed for a strong push on MATIC.

MATIC Intraday Analysis

  • Spot rate: $1.14
  • Trend: Sideways
  • Volatility: High
  • Support: $1.11
  • Resistance: $1.16
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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