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Technical Analysis for MATUSD for 20th September 2022

MATIC Prices Steady above $0.75, Are Polygon Bulls Back in Contention?



Past Performance of MATIC

Polygon found support on September 19. Prices are currently steady and at around $0.75, back in a trading range. Buyers stand a chance based on the MATIC price action in the daily chart. However, for buy trend continuation in line with gains of early Q3, prices must be firm above $0.75 and even reverse losses posted over the weekend.


MATIC Technical Analysis

Buyers have a chance to reverse the current trend and force price action back to green. Presently, the primary support at $0.75 holds, and sellers have been rebuffed following encouraging gains on September 19. A confirmation of yesterday's gains, unwinding losses of September 18 as prices soar above $0.84, may be the basis for another leg up to September highs at around $0.93. This level should be the bulls' immediate target. However, if MATIC slips below $0.75, the coin may crater to $0.50, around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range.


What to Expect from MATIC

Buyers are upbeat after the rebound of prices on September 19. Still, there must be more assurance for a buy trend continuation. Gains above $0.85 could form a solid anchor for buyers targeting $0.93 and even $1 in days ahead.


Resistance level to watch: $0.85

Support level to watch: $0.75


Disclaimer: Opinions expressed are not investment advice. Do your research.

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