• MATIC price is hovering above a crucial support level at $0.677.
  • Confirmation of an upswing will arrive after Polygon climbs above $0.90.
  • If the bullish momentum persists, $1 seems attainable in the short term.

MATIC price is currently hovering above a vital level, a breakdown of which could spell disaster. However, the bulls appear to have come to the rescue. A continuation of the uptrend will face blockage and probably lead to consolidation in a tight range.

MATIC price awaits a trigger

MATIC price crashed roughly 27% over the past four days, briefly slicing through the support level at $0.677. The recent retest of this level was the third time over the past three months. 

Interestingly, the last two times Polygon tagged this barrier, MATIC price saw a quick yet bullish reaction. Therefore, if something similar were to happen, investors can expect the altcoin to rally 32% to tag the $0.90 resistance level.

Since MATIC price saw significant consolidation between $0.677 and $0.90 in late April and early May, a similar sideways movement might likely occur this time around.

However, a decisive 12-hour candlestick close above $0.90 will confirm the bulls’ intentions, pushing MATIC price to the next supply barrier at $1.06.

If the bullish momentum persists, Polygon could go beyond $1.06 and tag crucial ceilings at $1.248, $1.435 and $1.726.

MATIC/USDT 12-hour chart

MATIC/USDT 12-hour chart

While things look good for MATIC price, a reversal pushing the altcoin below $0.677 will dent the bulls’ plans.

If the resulting downswing continues to head lower, it will encounter a stable support level at $0.549, a breakdown of which will invalidate the bullish thesis and result in a potential sell-off to $0.471.

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

EU to ban anonymous Bitcoin wallets and tighten regulations for crypto transfers

The European Union will step up its efforts to regulate the cryptocurrency industry. The bloc cited the reasons behind the move was to limit money laundering activities in the region.  Anonymous cryptocurrency wallets should ...

More Bitcoin News

MATIC Price Prediction: Polygon bulls contemplate a comeback

MATIC price is currently hovering above a vital level, a breakdown of which could spell disaster. However, the bulls appear to have come to the rescue. A continuation of the uptrend will face blockage ...

More Polygon news

SushiSwap reveals four new automatic market makers to reduce swap price impact

SushiSwap has recently disclosed that it has built new crypto trading products for its decentralized exchange platform. Coined as “The Next Generation AMM,” users of the exchange will be able to build their own liquidity pools.

More SuhsiSwab news

Ethereum Classic Price Prediction: ETC sets stage for 40% ascent

Ethereum Classic price crashed as the cryptocurrency market took a hit on July 20. While many altcoins are consolidating, ETC seems to be preparing for a leg up. A breakdown of the $32.21 support level will ...

More Ethereum Classic news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast