MATIC Price Prediction: Polygon hints at a retest of $1.95

Decentralized Autonomous Organisation - Another Addition To Our Personal Dictionaries
  • MATIC price is hovering above the weekly support level at $1.44, hinting at a move higher.
  • Investors can expect Polygon to rally at least 15% before encountering a tough hurdle.
  • A breakdown of the $1.41 support level will invalidate the bullish thesis.

MATIC price recovery after the January flash crash was good but is slowing down. The ongoing consolidation will likely result in an uptrend (https://www.fxstreet.com/cryptocurrencies/news/matic-price-consolidates-before-jumping-to-190-202202022123) that propels Polygon to revisit crucial levels.

MATIC price sets the stage

MATIC price has been teetering above the $1.44 support level and will likely retest it soon. A bounce off this barrier could be the key to triggering an uptrend. In some cases, the rally could even begin before the initial pullback.

Regardless, investors can expect a minimum 15% ascent from MATIC price that tags the supply zone’s lower limit at $1.75. In a highly bullish scenario, Polygon could pierce this hurdle and make a run for the weekly resistance barrier at $1.95.

This move would bring total gains from 15% to 27%, from the current level at $1.53. Investors willing to go long could enter a pilot position at the current level and wait for a retest of the $1.44 barrier.

If the latter does not arrive, market participants can book profits following a retest of $1.75 and $1.95.

MATIC Price Prediction: Polygon hints at a retest of $1.95 - 1

MATIC/USDT 4-hour chart

While things seem straightforward for MATIC price, a breakdown of the $1.44 support level could dent their optimism. A four-hour candlestick close below $1.41, however, will create a lower low and invalidate the bullish thesis, making an ideal place to enter a stop-loss.

A bearish turn could see MATIC price crashing 13% before retesting the $1.23 weekly support level.

Decentralized Autonomous Organisation - Another Addition To Our Personal Dictionaries

FXStreet News

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000.
 
The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies...
 
As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens.