MATIC price needs to crack this barrier as Polygon bulls continue targeting $3

  • MATIC price rebounds from the critical 61.8% Fibo level.
  • Polygon needs a sustained move above the 78.6% Fibo hurdle.
  • The uptick in RSI above 50.00 remains in favor of MATIC buyers.

MATIC price is looking to resume its bullish momentum on Sunday, pausing its two-day corrective declines from five-month highs of $2.31.

The token’s rally in the October series could be associated with Polygon’s announcement that it received its first Insurer - Tidal Finance. “The project aims to solve DeFi insurer’s supply and demand problem by “allowing capital leverage as well as additional token incentives to increase capital return,” FXStreet’s Crypto Editor, Akash Girimath, explains.

Over the past week, MATIC price surged as much as 25%, booking a third weekly advance. At the time of writing, the no. 19 coin is adding 5% on the day, trading around $1.95.

MATIC price readies for a fresh upswing amid resurgent demand

From a short-term technical perspective, the upside remains more compelling for MATIC price, especially after the bulls managed to defend $1.846 support, which is the 61.8% Fibonacci Retracement (Fibo) level of the rally from October 12 lows of $1.096 to October 29 highs of $2.31.

The renewed uptick in the 14-day Relative Strength Index (RSI) also backs the rebound in MATIC price this Sunday.

Polygon bulls now need acceptance above the 78.6% Fibo resistance at $2.05 to retest the five-month tops.

Buyers will create fresh positions above the latter, calling for a sharp upswing towards the 127.2% Fibo level at $2.64. More gains could see a test of the $3 round number.  

MATIC/USD: Daily chart

On the downside, daily closing above the 61.8% Fibo support is critical to extending the correction towards the $1.70 area, which is the confluence of the 50% Fibo level and October 28 low.

The next fierce support is envisioned around $1.59-$1.56, where the October 27 low, bullish 21-Daily Moving Average (DMA) and 38.2% Fibo level converge.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Prediction: Ripple can dip to $0.50

A brief technical and on-chain analysis on XRP price. FXStreet's analysts evaluate why Ripple could drop lower. 

More Ripple News

Ethereum price set to break below $3,000 as crypto bloodbath persists

Ethereum price is still under pressure from the red descending trend line. ETH price is set to break $3,018, bringing the price below $3,000. Expect a further continuation to go hand-in-hand with current financial market sentiment.

More Ethereum News

MATIC price to present a buy opportunity before Polygon rallies

Polygon price action is still stuck in an upward trend channel. MATIC’s current level looks a good buy near the lower end of the channel. Expect a return to the middle of the channel or swing to the upper band once global markets turn green again.

More Polygon News hits two-month lows as selling pressure accelerates price is within range of its final support zone before it could move into the $0.30 value area. Bears are in control and have been fighting to push CRO lower, but bulls have persisted.

More News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis