Bulls Targets $1.0 Amid Sustained Buying Momentum

Genesis-mining


Polygon (MATIC ) price started the fresh trading week on a strong note. After testing the intraday high of $0.98, the asset corrected mildly. However, it remained bided near the lower levels.

MATIC price trades higher on Monday with more than 20% gains.
A break above 100-day EMA would seek the $1.0 mark on the upside.
A double top near 0.9800 creates a hurdle for the bulls.

MATIC price started the fresh trading week on a strong note. After testing the intraday high of $0.98, the asset corrected mildly. However, it remained bided near the lower levels.

MATIC sustains gains for the straight third day

Source: Trading view

On the daily chart, the MATIC price moved more than 150% from the lows of $0.31 made on June 18. The asset moved in a medium turn downward channel since March. The price gives a breakout on July 13 with gains of. The crossover also coincides with the critical 100-day EMA (Exponential Moving Average) at $0.79. This also fuels the upside rally in the coin.

The Moving Average Convergence Divergence (MACD) trades firmly above the midline with no immediate sign of reversal.

On the other hand, if the MATIC fails to clear the $0.98 resistance zone, it could start a downside correction. In that case, immediate support could be found near the $0.80-$0.79 level.

Source: Trading view

This could be further confirmed on the 4-hour chart. A big red candlestick followed by a fresh lower price level indicates distribution near the supply zone. If MATIC’s price sustains below the horizontal support line of $0.79 then more downside cannot be ruled out. The bears would explore the $0.65-$0.60 support zone next.

By studying multiple time frames, the MATIC price indicates some minor correction as the bulls took a breather near the higher levels. However, a dip-buying opportunity exists for traders.

As of writing, MATIC/USD is exchanging hands at $0.90, up 19.62% for the day.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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