The price of Polygon (MATIC) has been one of the standout performers during the past few weeks that saw the price of Bitcoin (BTC), Ethereum (ETH), and other altcoins struggle to hold their key Support, the price of Polygon (MATIC) showed strength holding above and bouncing off that region of $0.77 away from this support area. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. MATIC’s price is rallying from $0.83 to a region of $0.95 as the price aims to take the market by its horn. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
In recent times, Polygon has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of MATIC held its ground as price defended its key support area of $0.77.
MATIC’s price had struggled to replicate its rally that took the price of MATIC to an all-time high of $3 before it faced rejection to trend higher.
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Weekly resistance for the price of MATIC – $1.
Weekly Support for the price of MATIC – $0.77.
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Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.comIn the daily timeframe, the price of MATIC continues to show a more bullish scenario as the price rallied to a high of $0.95 before facing resistance to the trend to a region of $1.
The price of MATIC needs to break and hold above $0.97 for the price to trend higher to a region of $1, which is a key supply zone for most traders.
The Fibonacci retracement (Fib) value of 61.8% indicates MATIC’s price faced a rejection to trend higher as the price tried to break above this key value. The price of $0.97 corresponds to the Fib value of 61.8%. If the price of MATIC closes above this level, we could see a rally to $1-$1.2.
Daily resistance for the MATIC price – $1.
Daily Support for the MATIC price – $0.85.
Featured Image From zipmex, Charts From Tradingview
