Polygon’s MATIC Only 25% Low From another ATHDecember 17, 2021
- MATIC price follows a long-term rising support line at the moment.
- The alt’s resistance stands at $2.25, then $2.43.
- Polygon overpowered a descending resistance line with a breakout.
Polygon (MATIC) saw its price increase within the last 72 hours. For now, the altcoin has a crucial resistance area at $2.26. Breaking past this area will mean a hurdle-free ride towards new ATH price levels.
MATIC remained on downside trends since 8 December, when Polygon explored the highs of $2.58. That was an inch away from the record peak of $2.70. The resulting rejection validated the $2.43 mark as a resistance.
MATIC still trades beyond ascending support that persisted since July despite the drop. Meanwhile, the resultant bounce took Polygon to $2.16. This level puts MATIC 25% beneath its current ATH. Furthermore, the altcoin’s technical indicators are somehow bullish.
The MACD, formed by the near-term and long-term MAs, remained upward and positive. That shows the long-term moving average is slower than the short-term one. The Relative Strength Index, a momentum indicator, increases beyond 50, supporting bullish trends.
If Polygon manages to crack the resistance area at $2.43, the next hurdles will emerge at $3.26 and $3.97. They are 1.27 and 1.61 Fibonacci resistance areas, respectively. Keep in mind that these external areas determine the following resistance when the price touches another ATH. @PostyXBT, a crypto trader, tweeted a Polygon chart, showing the alt increases alongside a rising support line.
According to the 6hr chart, MATIC faces a critical obstacle at $2.26, formed by 0.618 Fibonacci retracements and the horizontal level. Remember, 0.618 Fibonacci level mostly reject the asset following a significant bounce.
The RSI and MACD remain bullish in the near term, confirming the possible breakout by MATIC. The latter moved to positive while the former crossed beyond 50.
Also, the MATIC/BTC price chart depicts bullishness. On 23 October, Polygon broke from a descending resistance level. That area has been in place since ATHs of May. The alt has been surging since then. Moreover, MATIC regained the 4,000 SAT zone on 3 December. If it continues to rise, it will encounter the next resistance at 5,800 SAT.