- MATIC price bounced above a key Fibonacci retracement level.
- Polygon price could rally towards $1.00 if a second attempt at $0.54 occurs.
- Invalidation of the bullish trend is now a breach below the ascending trend line at at $0.48.
Polygon’s MATIC price continues to display optimistic signals. Being an early bull is justifiable as the invalidation level is clear.
MATIC price is a buy
Polygon’s Matic price could rally towards $1.00 in the coming days. From June 18 to June 24, the bulls accomplished a 90% rally. A pullback occurred, and it was mentioned in the previous thesis that a break below the 61.8% Fibonacci retracement level would be a good signal for bulls to exit the market. On June 30, MATIC price witnessed the anticipated sell-off which printed a low at $0.418, just above the 61.8% Fib. support at $0.411.
MATIC price then printed a higher low above the 50% Fibonacci retracement level at $0.440 on June 30, followed by a 20% rally into the swing high at $0.535 on July 5. Classic price action traders will likely collide a trend line from the June 18 lows at $0.316 into the newly established lows above the Fibonacci levels as a valid indicator of the uptrend's strength. If market conditions are genuinely bullish, an additional retest of the trend line will not be necessary. A second attempt from the bulls to breach the $0.540 level should be the catalyst to induce a bull rally targeting $1.00.
MATIC/USDT 4-Hour Chart
MATIC price currently trades at $0.518. Invalidation of the uptrend is a breach below the newly-established ascending trendline currently positioned at $0.480. However, if the bears can breach this level, expect a second decline to $0.360, resulting in a 30% decrease from the current MATIC price.
