Polygon Price Analysis: Bulls Targets $1.0 Amid Sustained Buying Momentum
Polygon (MATIC ) price started the fresh trading week on a strong note. After testing the intraday high of $0.98, the asset corrected mildly. However, it remained bided near the lower levels.
- MATIC price trades higher on Monday with more than 20% gains.
- A break above 100-day EMA would seek the $1.0 mark on the upside.
- A double top near 0.9800 creates a hurdle for the bulls.
MATIC price started the fresh trading week on a strong note. After testing the intraday high of $0.98, the asset corrected mildly. However, it remained bided near the lower levels.
MATIC sustains gains for the straight third day
On the daily chart, the MATIC price moved more than 150% from the lows of $0.31 made on June 18. The asset moved in a medium turn downward channel since March. The price gives a breakout on July 13 with gains of. The crossover also coincides with the critical 100-day EMA (Exponential Moving Average) at $0.79. This also fuels the upside rally in the coin.
The Moving Average Convergence Divergence (MACD) trades firmly above the midline with no immediate sign of reversal.
On the other hand, if the MATIC fails to clear the $0.98 resistance zone, it could start a downside correction. In that case, immediate support could be found near the $0.80-$0.79 level.
This could be further confirmed on the 4-hour chart. A big red candlestick followed by a fresh lower price level indicates distribution near the supply zone. If MATIC’s price sustains below the horizontal support line of $0.79 then more downside cannot be ruled out. The bears would explore the $0.65-$0.60 support zone next.
By studying multiple time frames, the MATIC price indicates some minor correction as the bulls took a breather near the higher levels. However, a dip-buying opportunity exists for traders.
As of writing, MATIC/USD is exchanging hands at $0.90, up 19.62% for the day.
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