- MATIC price hovers above the critical support level at $ 0.677.
- The confirmation of the exchange will come after Polygon exceeds $ 0.90.
- If bullish momentum continues, $ 1 appears to be achievable in the short term.
The price of MATIC is currently hovering above a vital level, the failure of which could be disastrous. However, traders seem to have come to the rescue. The continuation of the uptrend will face the fixation and will likely lead to consolidation in a narrow range.
MATIC price is waiting for trigger
The MATIC price has dropped about 27% over the past four days, briefly dropping the support level to $ 0.677. The last retest of this level was the third in the last three months.
Interestingly, the last two times Polygon has hit this barrier, MATIC has experienced a quick but bullish reaction. Hence, if something like this happens, investors can expect the altcoin to rise 32% to mark the $ 0.90 resistance level.
Given that the MATIC price underwent significant consolidation between $ 0.677 and $ 0.90 in late April – early May, a similar sideways movement is likely to occur this time around.
However, a decisive 12-hour close above $ 0.90 will confirm traders’ intentions, pushing MATIC’s price to the next supply barrier at $ 1.06.
If bullish momentum continues, Polygon could break above $ 1.06 and fix critical highs at $ 1.248, $ 1.435 and $ 1.726.
12-hour MATIC / USDT chart
While things are doing well for the MATIC price, the reversal pushing the altcoin below $ 0.677 will frustrate traders’ plans.
If the resulting decline continues to fall, it will find stable support at $ 0.549, a breakout of which would invalidate the bullish thesis and lead to a potential sell-off at $ 0.471.