MATIC Price Prediction: Polygon hints at a retest of $1.95
|- 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 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/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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.