• MATIC price is currently facing headwinds around $1.87, hinting at a formation of a swing high.
  • If true, investors can expect Polygon to retrace 12% to $1.65 before kick-starting a 30% upswing to $2.13.
  • A breakdown of the $1.52 support level will invalidate the bullish thesis.

MATIC price looks ready for a correction as a potential swing high seems to be forming. This development could lead to a correction that will allow sidelined buyers to purchase Polygon at a discount and kick-start a quick run-up.

MATIC price prepares for higher highs

MATIC price rallied 30% over the past four days from $1.52 to $1.96. This upswing is currently facing a slowdown but will likely set up a swing high above $1.96. This formation will result in a temporary pullback to the 62% or 70.5% Fibonacci retracement levels at $1.69 and $1.65, respectively.

A retest of either of these two barriers will serve as a buy opportunity for sidelined investors who missed the initial leg-up. Therefore, market participants can expect MATIC price to see a bullish reaction around the levels mentioned above. 

A quick run-up that slices through the swing high at $1.96 will confirm the start of a rally. The likely target for market markers would catapult MATIC price above the double top at $2.13, where buy-stop liquidity rests. This run-up would roughly constitute a 30% ascent from $1.65.

MATIC/USDT 4-hour chart

MATIC/USDT 4-hour chart

On the other hand, if MATIC price fails to hold above $1.65, it will retrace to the subsequent level at $1.62, where it could give the uptrend another go. However, a daily close below $1.52 will create a lower low and invalidate the bullish thesis.

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.

More Bitcoin News

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.

More Cardano News

Traders must watch out for this bull trap SafeMoon price is forming

Traders must watch out for this bull trap SafeMoon price is forming

SafeMoon (SFM) price looks promising today for a pop higher and a test of the technical moving average at around $0.000600000. With the current soft patch in global markets, tail risks are still very much present and could flare up at any moment.

More SafeMoon News

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

Brad Garlinghouse, CEO of Ripple, has affirmed a move outside the US if the payment giant loses the SEC vs. Ripple lawsuit. Ripple has been embroiled in a legal battle, defending its sale of XRP and the altcoin's position as a non-security since December 2020.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP