MATIC Price Prediction: Polygon eyes equal highs with 11% advance

MATIC price has rallied 12% since bottoming at $1.043 on July 2 and hints at continuing this rally.
Polygon might witness a minor retracement before an 11% upswing.
A breakdown of the support barrier at $1.034 will invalidate the bullish thesis.

MATIC price performance is capped by a crucial resistance level that has kept it from rising higher over five times between June 22 and June 29. Therefore, the current uptrend might face a similar rejection, preventing a flip of this barrier.

MATIC price churning toward inflection point

MATIC price set up a local bottom on June 22 at $0.927 and rallied 34.5%, slicing through a resistance barrier at $1.235. However, this move was not backed by buyers, which led to an eventual decline.

A similar turn of events occurred, making $1.235 a vital area that needs to be flipped for higher highs.

So far, Polygon has climbed roughly 12% after creating a swing low at $1.043 on July 2. After encountering the resistance ceiling at $1.165, MATIC price is retracing and will soon resume its uptrend, which might propel the altcoin higher by another 11% before it retests $1.235.

A decisive 4-hour candlestick close above this level will indicate a resurgence of buyers and might push MATIC price to tag the mid-point of the range at $1.32.

Investors should also note that rejection at $1.235 is also likely.

MATIC/USDT 4-hour chart

If the buyers continue to book profit, the immediate demand barrier at $1.183 might be breached. In such a case, the pullback could extend up to the subsequent support level at $1.034.

While the MATIC price might dip below $1.034 to sweep the lows, a failure to climb above will invalidate the bullish thesis. Such a move might trigger a retest of the support floor at $1.004.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram