MATIC price started a major increase from the $0.840 support zone. Polygon buyers pumped the price above $1.20 and there could be more upsides. MATIC price rallied above the $1.00 and $1.20 resistance levels against the US dollar. The price is trading well above $1.00 and the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise and might soon revisit the $1.50 resistance zone. Polygon’s MATIC Price Rallies Steadily After forming a base above the $0.800 level, polygon’s price started a fresh increase. MATIC price broke the $0.880 and $0.980 resistance levels to move into a positive zone. There was a strong move above the $1.00 resistance and the 100 simple moving average (4-hours). Finally, the price surged above the $1.20 resistance. A high was formed near $1.304 and the price recently started a downside correction, similar to bitcoin and ethereum. There was a move below the $1.22 and $1.20 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.838 swing low to $1.304 high. However, matic bulls are active above the $1.15 level. There is also a key contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair. On the upside, an immediate resistance is near the $1.22 zone. Source: MATICUSD on TradingVi...
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