MATIC Price Prediction: Polygon finds stable support to propel it to $1.32
|- MATIC price has dropped 10% over the last 24 hours.
- The support level at $1.034 is likely to serve as a foothold to propel Polygon 27%.
- A breakdown of the $1 support level will invalidate the bullish thesis.
MATIC price has been range-bound for quite some time. However, the recent rejection at a crucial resistance barrier has tightened the noose around Polygon.
The current sell-off will likely reverse around the immediate support level and kick-start a new uptrend.
MATIC price attempts to break out of consolidation
MATIC price action has stayed between $1 and $1.235 for over 15 days. After shedding roughly 10%, Polygon is, at the time of writing, hovering above the $1.034 support level.
Investors can expect a resurgence of buyers at this barrier and a potential reversal. However, in some cases, MATIC price might retest $1 before kick-starting the rally.
The potential upswing needs to slice through intermediate resistance levels before attempting to tag the 50% Fibonacci retracement level at $1.32, a 27% upswing from $1.034.
If the buying pressure continues to pour in despite this climb, MATIC price will likely attempt to head into the high probability reversal zone that stretches from $1.41 to $1.54. Market participants can expect Polygon to sweep $1.41 or $1.477 before a pullback originates.
MATIC/USDT 4-hour chart
While the upswing narrative seems plausible, investors need to be wary of retesting the $1 support barrier, especially if MATIC price slices through it. A brief dip would not necessarily hurt the bullish outlook.
However, if the bulls failed to reclaim $1, it would invalidate the optimistic scenario detailed above and indicate that a retest of the range low at $0.926 might be around the corner.
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