Technical Analysis for MATUSD for 12th July 2022
Polygon Surges 85% from 2022 Lows, will MATIC Bulls Break above $0.67?
Past Performance of MATIC
Polygon prices are overly stable, trading inside a broader $0.22 trade range clear in the daily chart. While traders expect more gains in the days ahead, the failure of bulls to clear above $0.67, a multi-week liquidation level, could slow down the uptrend in the short term.
Polygon Technical Analysis
The primary liquidation level marking June 2022 highs stands at $0.67. Although MATIC traders are confident of more gains, there must be a clear, high volume close above this line before traders double down, targeting $1.20 in the medium term. However, the daily chart shows signs of waning upside momentum since the stochastic is at the overbought territory. In that case, traders should watch out whether buyers will build momentum to surge above $0.67. On the reverse side, losses below $0.45 or last week's lows, may invalidate the uptrend, possibly triggering a sell-off towards $0.33.
What to Expect from MATIC
Buyers are confident after surging 85 percent from 2022 lows. All the same, prices are flat-lining around a critical liquidation level. In the short term, traders can wait for a sharp close above $0.67 or $0.45 for immediate trend definition.
Resistance level to watch: $0.67
Support level to watch: $0.45
Disclaimer: Opinions expressed are not investment advice. Do your research.
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