- MATIC price has sliced through the range low at $0.926, indicating a potential retest of $0.832.
- A quick recovery above $0.926 could propel Polygon to $1.060.
- However, a breakdown of the $0.833 support level will invalidate the bullish thesis.
MATIC price has been on a massive downswing, indicating the presence of bears. The recent correction exacerbated the sell-off, leading to a breakdown of the range low.
Polygon is likely to recover quickly and set off on a journey that slices through critical resistance levels.
MATIC price eyes a higher high
MATIC price has not seen a notable higher high over the past 56 days, suggesting the grim nature of the cryptocurrency market. From July 7 to July 14, Polygon has crashed 26% to where it currently trades at $0.894.
This sell-off shattered the range low as a deviation but considering the bullish setup seen in Bitcoin price, investors can expect MATIC price to follow suit and post a quick recovery above $0.894.
If this were to happen, market participants could see Polygon rally to $1 and even retest $1.060, which constitutes an 18% uptrend.
A decisive 6-hour candlestick close above $1.060 will confirm the persistent bullish momentum and potentially result in a rally that propels MATIC price to $1.178.
MATIC/USDT 6-hour chart
On the other hand, a rejection at $0.894 will indicate weak buying pressure. Such a move would likely trigger a 10% pullback to $0.833.
A breakdown of this barrier will invalidate the bullish thesis and might push MATIC price down to a critical support level at $0.777.
This area of demand was crucial in setting off an exponential uptrend during early May. Therefore, investors can expect Polygon to see some strength around this level.
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