Polygon Trades Range-Bound Between $0.75 and $1.00, Analyst Shares Where’s MATIC Headed Next

According to crypto trader Teshkid’s analysis, Polygon’s MATIC token has managed to hold crucial support around the $0.78 level on its recent pullback. As long as MATIC maintains this support, Teshkid sees potential for a relief bounce towards the next resistance at $0.867.

However, losing the $0.78 support risks a deeper retracement towards the $0.74–$0.76 zone highlighted in red. Teshkid notes that this area represents the next key downside target if the $0.78 level fails to hold as support.

Delving deeper into the technical landscape, analytics platform altFINS points out that MATIC finds itself range-bound trading in an emerging sideways channel between $0.75 and $1.00. For trend traders, a decisive breakout above the $1.00 resistance could signal a resumption of the uptrend towards $1.25.

But for short-term swing traders, playing the range may be more prudent. altFINS suggests buying near channel support around $0.75 and booking profits on a bounce towards the upper boundary around $1.00. A stop loss below the recent swing low protects against invalidating the range play.

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Zooming out, the technical picture remains mixed for MATIC. While the long-term trend registers as bullish, short- and medium-term dynamics shift to downtrends. Momentum readings also portray uncertainty.

In conclusion, MATIC’s capacity to hold above $0.75 support keeps open the possibility of retesting range resistance. But cracking $1.00 poses the more difficult task in this choppy environment. Avoiding a close below $0.75 and a 200-day MA is key to maintaining traders’ range-bound thesis. Otherwise, Teshkid’s downside target of around $0.74 comes into focus.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency