MATIC price is bottoming out, next target at $1.80
- MATIC price has fallen back into an anticipated buy zone.
- Polygon price has a bullish divergence on the 8-Hour chart.
- Invalidation for the bullish model will be a break below the $1.55 zone.
MATIC price could be showing early evidence of a market bottom. Traders and scalpers may find future MATIC price action enjoyable if market conditions sustain.
MATIC price could bounce from here
MATIC price is showing bullish potential on the 8-hour chart. It was mentioned in last week’s thesis that traders should wait for a pullback into the $1.65 to $1.55 zone before joining the Polygon bulls. MATIC price did pull back into the expected buy zone, printing a very bullish hammer candle followed by an initial rally. Now, MATIC price is returning to retest the upper end of the buy zone with a few noteworthy bullish signals.
MATIC/USDT 8-Hour Chart
Bulls entering around $1.65 are likely to take some profit at the $1.80 level, which lines up with the 100-Day moving average. An extended target would be $2.
Invalidation for the bullish thesis will be a close at $1.55 or below on the 8-hour chart. If the bears can accomplish such price action, they should easily be able to send MATIC to $1.50 and $1.40 up to 13% below the current price.
Author
FXStreet Team
FXStreet
