Polygon (MATIC) Forms Support Above $1; Here Is Why $1.5 Is Possible

•  MATIC’s price needs to stay above $1 for the price to have a chance to rally high to a region of $1.5.
•  MATIC’s price continues to trend, creating a more bullish bias as the price aim for $1.5, where the price could face resistance. 
• MATIC’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

The crypto market had a good run in the previous week as the price of Polygon (MATIC) leveled up to the expectations of many holding out for the price to continue in its uptrend as many traders looked with so much hope of the price rallying to a region of $1.3 with no sign of Polygon (MATIC) giving up the ghost with a possible rally to $1.5-$2 on the plate. The crypto market has seen some relief across all assets, but the new week holds mixed feelings. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of Ethereum (ETH) and Bitcoin (BTC) suffering a minor price retracement back to a region of $1,550 and $20,600 respectively but this cannot be said for MATIC as the price has continued to hold strong above it support formed at $1 forming more bullish scenario for the price. 

After having a weekly close above $1.5, the price of MATIC still looks good with so much hype and expectations, considering how good the project and community have been since the start of the bear market.

The price of MATIC needs to hold above $1 for the price to have a chance of a rally to the region of $1.5 and possibly to a high of $2; if the price of MATIC fails to hold $1, we could see price retesting weekly support of $0.8. 

Weekly resistance for the price of MATIC – $1.5.

Weekly support for the price of MATIC – $1-$0.8.

Price Analysis Of MATIC On The Daily (1D) Chart

In the daily timeframe, the price of MATIC continues to look strong as the price could be set to rally to a high of $1.5 after bulls keep pushing higher in the chart.

The price of MATIC trades at $1.2 after rallying from a daily low of $0.8 to a high of $1.3, suffering a minor setback in the price of MATIC; the price trades above the 50 and 200 EMA, which indicates a good relief sign for MATIC’s price on the daily timeframe could be poised for a major run to $1.5-$2.  

Daily resistance for the MATIC price – $1.5-$2.

Daily support for the MATIC price – $1.

Featured Image From Finbold, Charts From Tradingview