New Delhi(CoinChapter.com): Polygon’s MATIC is approaching a major resistance at $1.255. The price could either rally towards $1.50 or face a strong rejection near $1.255.
Polygon (MATIC) Price Attempts Fresh Increase
This past week, we saw a strong decline in MATIC price from the $1.255 resistance zone against the US Dollar. The price declined below the $1.20 and $1.15 levels to move into a bearish zone.
The bears were able to push the price below the $1.05 support level. Finally, it found support near the $0.950 zone. A low was formed near $0.943 and the price started a fresh increase, similar to Ethereum and Bitcoin.
MATIC price daily chart | Source: MATICUSD on TradingView.com
There was a steady upward move above the $1.05 and $1.10 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.567 swing high to $0.943 low.
Besides, the price traded above a key bearish trend line with resistance near $1.090 on the daily chart. It is now trading above the $1.15 level and still below the 50-day simple moving average (blue).
On the upside, an immediate resistance is near the $1.20 level. The next major resistance is near the $1.255 level and the 50-day simple moving average (blue). It is close to the 50% Fib retracement level of the downward move from the $1.567 swing high to $0.943 low.
A clear move above the $1.255 resistance zone could set the pace for a fresh rally. In the stated case, the price could test the $1.40 level. Any more gains might open the doors for a move toward the $1.50 resistance.
Rejection?
Conversely, MATIC price might fail to clear the $1.20 resistance zone or $1.255. In the mentioned case, the price could start a fresh decline. An initial support is near the $1.10 level.
The next major support is near $1.00. The main support sits near the $0.95 zone. A close below $0.95 may perhaps spark a sharp decline. In the stated case, the price might dive toward the $0.82 support or even $0.75.
Overall, MATIC price is approaching a major resistance near $1.255. If the bulls remain in action, it could start a fresh rally toward $1.40 or $1.50. If not, there could be another drop toward the $1.05 support or even $0.95.
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