Polygon’s MATIC is showing bullish signs above $0.550, with high chances of more gains toward $0.70. The price recently broke a crucial bearish trend line with resistance near $0.550 on the daily chart.MATIC’s price had steadily declined from the $0.90 resistance in the past few weeks, trading below the $0.72 and $0.65 support levels. The bears even pushed it below the $0.50 support, but Polygon remained well-bid near the $0.50 zone.The price is now trading above the $0.580 level and 50-day simple moving average (blue), which is a bullish sign. It has also surpassed the 23.6% Fib retracement level of the downward move from the $0.8914 swing high to the $0.4939 low.There are high chances of more gains in MATIC above $0.60, with initial resistance near the $0.65 region. The first major target for the bulls could be $0.70, which is near the 50% Fib retracement level of the downward move from the $0.8914 swing high to the $0.4939 low.If the bulls fail to clear the $0.60 resistance or $0.65, there could be a downside correction. Immediate support sits at $0.565, with the first major support near $0.55 and the 50-day simple moving average (blue). A downside break and daily close below $0.55 could spark bearish moves. The next major support is at $0.50.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | None |
| Companies | Google Cloud, Ethereum, Bitcoin, Astar Network, Polygon |
| Currencies | Bitcoin, Polygon, Ethereum |
| Securities | None |
