The price recovery of Polygon (MATIC) after the sudden drop in January looked good but it is slowing down. Continued consolidation will likely result in an uptrend pushing Polygon to revisit key levels.
MATIC priceIt is trading above the $1.44 support level and it is likely to retest it soon. A bounce from this resistance could be the key to triggering an uptrend. In some cases, the rally may even begin before the first pullback.
But regardless of the next move, investors have set the lower limit of the supply zone at $1.75. Polygon (MATIC) they can expect a minimum 15% increase in price. In a stronger bullish scenario, MATIC could break through this hurdle and rally to $1.95 for the weekly resistance barrier.
This move will increase the total gain from 15% to 27% from the current 1.53 dikar level. Traders looking for long-term action can enter a pilot position at the current level and wait for the $1.44 barrier to be retested.
If the second rise does not occur, market participants can take profits of a retest of $1.75 and $1.95.
polygon price Although things look simple for the US$ 1.44 support, a breakout of the $1.44 support level might dampen their optimism. However, a four-hour candlestick near $1.41 would create a lower low and invalidate the bullish thesis, making it an ideal place to enter a stop-loss.
A downside break could cause MATIC price to drop 13% before retesting the $1.23 weekly support level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.