MATIC Price Today: Polygon (MATIC) Price Up Nearly 20%, Will MATIC Cross $1 this time?

By Sunil Sharma and Domenic
Published July 23, 2021 Updated July 23, 2021
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MATIC Price Today: Polygon (MATIC) Price Up Nearly 20%, Will MATIC Cross $1 this time?

By Sunil Sharma and Domenic
Published July 23, 2021 Updated July 23, 2021
  • MATIC price is up nearly 20% in the last day
  • MATIC Price bounced heavy off major support of $0.68
  • 100MA is acting as resistance

MATIC Price Overview

Polygon (MATIC) experienced a hard bounce off support the last 2 days. Prices feel nearly -50% since the start of July as the cryptocurrency market failed to gain its footing. MATIC had a mind blowing run the last 6 months as it nearly outpaced all of its competitors. MATIC brings a great solution to the cryptocurrency market as it provides technology for scaling the Ethereum network. Once the market begins a strong uptrend, MATIC will surely be back to strong upward pushes.

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MATIC Price has been stuck within a descending channel for nearly 2 months. Each time MATIC hits either trend, it has been fiercely rejected. Bulls must push MATIC past its long term trend shown in black and hold its major resistance mark of $0.934.

If this is deemed successful bulls must then clear the top trend of its descending channel formation. MATIC will then be free for a large spike back above $1.00.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

At the time of writing, MATIC continues to be rejected off its major resistance of $0.93. Along with this resistance lies the 100 MA. This has held price down for nearly 2 weeks. If bulls fail to clear over this MA, price will likely retrace to its major support zone. This support zone lies at $0.79-$0.84 and has held MATIC in the past. A break below this zone will be a bearish scenario that will land prices back under $0.70.

While looking at the relative strength index, we can see that RSI has recently broken a near two week trend line. Strength must quickly push to overbought territory to save MATIC from a short term pullback. The Stochastic RSI has been flat lined in the overbought territory which may indicate a short term pullback is coming. 

MATIC intraday levels 

  • Spot rate: $0.893
  • Trend: Bullish
  • Volatility: Medium
  • Support: $0.84
  • Resistance: $0.93
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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
130 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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