- MATIC price is consolidating between $1.276 and $1.160 after recovering 34% from its crash.
- A breakdown of the upper or the lower range will decide Polygon’s direction.
- If the buyers manage to push past the resistance barrier at $1.276, a 38% upswing seems likely.
MATIC price suffered a fatal fall between June 20 and June 22, but the recovery has been equally swift. After managing to undo most of its losses, Polygon is range-bound between two crucial levels that determine its targets for the short term.
MATIC price eyes higher high
MATIC price crashed 35% between June 20 and June 22 as it dipped to $0.928. Despite this brutal sell-off, Polygon quickly rallied 34% to create a temporary swing high at $1.25.
MATIC price is currently trading around $1.164 and is contained between the resistance level at $1.276 and the support barrier at $1.160.
Therefore, breaching either of the said zones will create an opportunity to scale to new highs or lows.
Considering the recent upswing, it is likely, MATIC price will retrace to the demand barrier at $1.16 or even sweep below it before heading higher. In some cases, Polygon might create equal lows at $0.928.
If the buyers show strength, the MATIC price will target the June 20 swing high at $1.438, 25% away from the current position. Conquering this area will open up the path for Polygon to retest the 50% Fibonacci retracement level at $1.593, a 38% rally from $1.164.
MATIC/USDT 6-hour chart
On the flip side, if the buyers fail to slice through $1.276 and shatter the support level at $1.160, MATIC price will likely retrace toward the recently set up swing low at $0.928.
However, a breakdown of $0.928 will invalidate the bullish thesis and trigger a sell-off to range low at $0.745.
