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18/06/24
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Technical Outlook on the Performance of Polygon (MATIC)
The chart of MATIC/USD shows that the bulls were able to initiate a modest upside move and then encountered a solid barrier level close to the $0.6285 area. The upside move prompted the formation of a short-term top at $0.6286 and the bears swung into action in recent times.
The bears initiated a downside move and pulled MATIC sharply beneath two support levels, including $0.60 and $0.572. There was a fall beneath $0.525, followed by a visit to $0.515. MATIC was able to reach levels as low as $0.5151 prior to the current attempt by the bulls to initiate a recovery move. The bulls pushed MATIC past the barrier level at $0.535.
There was a push past the 23.6% Fibonacci correction level of the fall from $0.6286 swing high to $0.5151 low. A look at its 4-hour chart shows that its current performance is at levels beneath $0.56, as well as below the 100 SMA.
The next barrier level is close to the $0.555 area. The initial key barrier level is close to $0.572 or the 50% Fibonacci correction level of the fall from $0.6286 swing high to $0.5151 low. A look at its 1-hour chart shows the formation of a major declining trend line with a barrier level at $0.572.
The bulls may be able to keep its performance towards the upside if it breaks past the barrier level at $0.572. The immediate key barrier level is close to $0.585. The ability of the bulls to push MATIC clearly past the barrier level at $0.585 may initiate a steady move to the upside. In such a situation, they may be able to pave the way for a move to $0.6285 or $0.65.
On the other hand, the failure of the bulls to push MATIC past the barrier level at $0.572 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $0.532.
The key support level is close to $0.515. If MATIC breaks beneath $0.515, the bears may be able to pave the way for a new downside move toward $0.50. The immediate key support level is close to $0.485.
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