MATIC Price Prediction: Polygon hints at a retest of $1.95
- MATIC price is hovering above the weekly support level at $1.44, hinting at a move higher.
- Investors can expect Polygon to rally at least 15% before encountering a tough hurdle.
- A breakdown of the $1.41 support level will invalidate the bullish thesis.
MATIC price recovery after the January flash crash was good but is slowing down. The ongoing consolidation will likely result in an uptrend that propels Polygon to revisit crucial levels.
MATIC price sets the stage
MATIC price has been teetering above the $1.44 support level and will likely retest it soon. A bounce off this barrier could be the key to triggering an uptrend. In some cases, the rally could even begin before the initial pullback.
Regardless, investors can expect a minimum 15% ascent from MATIC price that tags the supply zone’s lower limit at $1.75. In a highly bullish scenario, Polygon could pierce this hurdle and make a run for the weekly resistance barrier at $1.95.
This move would bring total gains from 15% to 27%, from the current level at $1.53. Investors willing to go long could enter a pilot position at the current level and wait for a retest of the $1.44 barrier.
If the latter does not arrive, market participants can book profits following a retest of $1.75 and $1.95.
MATIC/USDT 4-hour chart
While things seem straightforward for MATIC price, a breakdown of the $1.44 support level could dent their optimism. A four-hour candlestick close below $1.41, however, will create a lower low and invalidate the bullish thesis, making an ideal place to enter a stop-loss.
A bearish turn could see MATIC price crashing 13% before retesting the $1.23 weekly support level.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
