- MATIC price shows a confluence of two major support levels at $1.33.
- A retest of this barrier is key in catalyzing an exponential run-up to $2.1.
- A daily candlestick close below $1.15 will create a lower low and invalidate the bullish thesis.
MATIC price created a ceiling at a crucial level and has been in a downtrend ever since. The recent bounce established a local top, but investors can expect a minor retracement toward a support confluence to trigger massive buying pressure.
MATIC price face decisive moment
MATIC price set up a double top at $2.1 and then dropped 44%. As Polygon trades around $1.51, investors can expect a minor downtrend to begin. This move would be a bullish retracement due to a confluence of the equal lows formed at $1.33 and the three-day demand zone, extending from $1.15 to $1.35.
A bounce off this junction will be a key in collecting liquidity and triggering a massive run-up for MATIC price. Interested investors can enter long at $1.33 and await an explosive rally.
The levels of interest for booking profits include $1.54, where the first equal high is present. Beyond this Polygon, bulls will encounter the $1.64 and $1.94 resistance barriers. If bullish momentum is adequate, MATIC price will likely flip these hurdles into a foothold, allowing the altcoin to make a run for the $2 psychological level.
Market makers are going to extend this move to $2.1 and higher, to collect the liquidity resting above these equal highs.
MATIC/USDT 6-hour chart
While things are looking up for MATIC price, a failure to hold above the support confluence will indicate a weakness among buyers.
A daily candlestick close below $1.15 will create a lower low and invalidate the bullish thesis for MATIC price and open the path for further correction. So, interested buyers can place their stop-losses at this level.
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