New Delhi (CoinChapter.com) — Polygon (MATIC) price is rising above the $0.95 resistance level. The bulls appear to be preparing for a big move above the $1.050 resistance.
MATIC price turns bullish
Bitcoin, Ethereum, SOL and several other cryptocurrencies have been steadily increasing over the past few weeks. MATIC also rose and settled above the $0.800 pivot level. There was an upward trend above the $0.82 level and the 50-day simple moving average (blue).
In 2024, the bulls attempted twice to gain strength above the $1 resistance line. However, MATIC appears to face a major obstacle near the 50% Fib retracement level, moving down from the $1.567 swing high to the $0.4939 low.
The current price action is very bullish and the candles over the past week have been very strong. This is a positive sign and it looks like Polygon bulls can successfully clear the $1.00 resistance.
There is also a major ascending channel on the weekly chart with resistance forming near $1.035. The next major resistance could be at $1.050. A clear break above the triangle and $1.050 could set a new surge pace.
When specified, the price of MATIC may exceed $1.158. The next major target for bulls could be the 76.4% Fib retracement level at $1.30 or a downside move from the $1.567 swing high to the $0.4939 low. Any more profits could push the price towards the $1.55 resistance area.
This month, the Etrog upgrade went live on the Polygon zkEVM mainnet beta. This includes support for additional precompilation and a new way to handle transactions. We also unveiled Polygon ID Release 6, which could be a huge step forward in becoming the most adopted digital identity solution.
Another drop in polygons?
If there is no movement above the channel resistance line, the price may move lower. Immediate support is at $0.920. The next major support is forming near $0.820 and the 50-week simple moving average (blue).
A break below the $0.82 support could trigger a further decline. If indicated, the price may fall towards the $0.720 pivot level. Any more losses could push MATIC towards the $0.60 area.
Overall, this is a strong sign that MATIC price is likely to move above $1.030 and $1.050. If the bulls are successful, the price could surge to $1.30 and then $1.55. Conversely, Polygon could retest $0.82 support.