MATIC is going crazy with close to 10% of momentum on daily charts. While breaking the 100 DMA and resistance of $1.25 levels has created a huge buying surge on MATIC cryptocurrency, we can expect the really to attempt breaching the $1.70 resistance and trying an attempt at $2.00 soon. Given the strong following of the trend line, there is absolutely no weakness in this cryptocurrency price action. A few technical indicators will surely be helpful in managing the uncertainty.
The candle of August 12 is showing an indecisive battle between buyer and seller which turned out to be a pullback for today’s massive 9% rally.
MATIC Price Analysis
MATIC took support from $1.126 levels and has managed to break the 100 DMA short-term resistance zone with a strong up move. The next resistance to its price action comes out at $1.70 with support at $1.10 levels. A decent 1:1 risk to reward ratio is there, but for crypto holders, the current values might be the best valuation they can expect once MATIC price rallies towards $2 and attempts an all-time high.
Both MACD and RSI are indicating strength and continuation of price action. But there can be some consolidation or profit booking with the $1.125 resistance line turning into a support zone. The MACD pattern and convergence divergence lines are similar to the May 2021 levels where we witnessed a massive breakout and new highs.
Polygon (MATIC) has now turned its immediate resistance on daily charts into a support level for hourly trades and has even retested the same twice. With the momentum witnessed across the cryptocurrencies, we can identify a pattern of attempting new monthly highs after retesting the immediate support levels.
So far, the volumes have supported the buyers, but this trend is close to being over soon. As MATIC re-attempts the $1.50 levels on hourly charts, we can witness another breakout soon as per our MATIC prediction.