MATIC price targets $1.70 as bulls reclaim ground

MATIC price rallied after printing a Morning Star candlestick on its daily chart. If bulls can maintain the upward momentum, then $1.60 and $1.65 can be seen as the next targets for Polygon’s native token.

MATIC price rally is within arms reach

MATIC price has regained significant ground as bulls appear to be pushing the pedal on the daily chart. The strength in buying power is also validated by the Relative Strength Index, which bottomed perfectly at the 40 levels. 

The next step for the MATIC price is to flip this week's supply zone into support, which lies between $1.45 and $1.50. If MATIC price can consolidate above this resistance barrier, then Polygon’s native token should have no problem in challenging bears between $1.60 and $1.65 and even the weekly high at $1.70.

MATIC/USD 1-day chart

Even though MATIC price appears to favor the bulls, there is still a chance that bears can take over once again. If MATIC price cannot print a daily close above the weekly supply zone, then it will spell trouble gaining appeal from new capital.  

Failing to break out and retest this week's supply zone could indicate that MATIC’s recent price action is part of a short-term Sucker's Rally. A test of today's opening price at $1.44 will be the first bearish signal to invalidate the overall bullish thesis. If this happens, MATIC price will likely dive towards the swing low at $1.37 and even attempt to grab liquidity under $1.24, representing a 17% correction from the current levels.