What are the odds Polygon's MATIC price revisits $1?
|- MATIC price has bounced off the EMA cluster at $0.544, triggering a 37% upswing.
- This move brings the altcoin close to the range, increasing doubts among buyers.
- A daily candlestick close below $0.616 will invalidate the bullish thesis.
MATIC price has triggered a quick and efficient rally that has pushed it from trading below the range’s midpoint to its highest point. Interestingly, Polygon has not re-tested this level and is likely going to face selling pressure from holders. Therefore, investors need to be cautious.
MATIC price contemplates its next move
MATIC price rallied 110% between June 18 and June 24 in an effort to recover losses experienced in the previous week. This move created a range, extending from $0.477 to $0.755.
Although for a brief period, MATIC price crashed below the range low and stayed there, buyers made a comeback. As a result, Polygon not only recovered above the immediate hurdle but also retested the range’s midpoint at $0.616.
After finding support due to the cluster of 10, 25 and 30 four-hour Exponential Moving Averages (EMAs), MATIC price triggered a 37% rally that obliterated the midpoint and came close to retesting the range high at $0.755.
Due to the massive run-up, investors are likely to book profits and potentially kick-start a retracement. However, if buyers gear up and flip the range high at $0.755 into a support floor, things will change. In such a case, a secondary confirmation will arrive after the bulls conquer the $0.809 hurdle.
This development indicates that MATIC price is ready to retest the $1.03 hurdle.
MATIC/USDT 4-hour chart
On the other hand, if the holders book profit, the chances of a retracement around the range high at $0.755 seems likely. If this downswing knocks Polygon to flip the midpoint at $0.616 into a resistance barrier, it will invalidate the bullish thesis.
This move could further see MATIC price revisit the range low at $0.477.
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