Polygon (MATIC) Price Is on the Uptrend, But Here’s the Catch

MATIC price has seen a nice pump of around 10% in the last 24 hours, trading around $0.91 at press time. The price spike comes amid broader optimism in crypto markets following last night’s ETF approvals in the US.

Technically, the price remains in an uptrend following a bullish breakout from a symmetrical triangle pattern in late December. After spiking over 20%, MATIC met resistance around the psychological $1.00 level and pulled back.

This could present an attractive swing trade entry near support around $0.75, with upside potential back towards $1.00 (+7% from current levels). A stop loss around $0.70, just below the prior swing low, could help manage downside risk.

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As the head of content at CaptainAltcoin and an experienced crypto analyst, Petar provided some words of caution on Polygon’s outlook on X (Twitter):

“$MATIC facing big resistance at $1.567, aligning with the 3.618 Fibonacci extension level, a level not reached since 2022. #Polygon’s RSI is at 45, suggesting a slightly bearish but stabilizing trend. #MATIC investors, today’s pump shouldn’t amaze you…”

In essence, Petar sees strong chart resistance around $1.57 based on the key Fibonacci level, which MATIC hasn’t reached since the highs of 2022. He also notes the RSI around 45 signals a modestly bearish trend that seems to be stabilizing. His message to investors is not to get overly excited about today’s pump, as significant resistance lies ahead before a major breakout should be expected.

Getting through the $1.57 area would be key according to Petar’s analysis. Until then, further upside could still materialize, but likely capped to some degree around the $1.00 level in the near-term. Traders may look to play the range, but less seasoned investors may do best to temper expectations.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency