MATIC’s price has risen 12 percent since hitting a low of $1.043 on July 2 and appears to be on the rise again.
Before an 11 percent rally, Polygon could see a modest retracement.
The bullish thesis will be invalidated if the support barrier at $1.034 is broken.
The price of MATIC has been restricted by a key resistance level that has prevented it from climbing higher five times between June 22 and June 29. As a result, the present rise may suffer a similar rejection, preventing the barrier from being flipped.
On June 22, MATIC price established a local low of $0.927 and surged 34.53 percent, slicing past a resistance level of $1.235. This move, however, was not supported by buyers, resulting in a subsequent fall.
A similar set of circumstances transpired, making $1.235 a crucial region to switch for higher highs.
After hitting a swing low of $1.043 on July 2, Polygon has risen about 12% so far. MATIC price is retracing and will shortly restart its advance after hitting the resistance ceiling at $1.165, which could boost the altcoin by another 11 percent before retesting $1.235.
A significant 4-hour candlestick close above this level will signal a revival of buyers, perhaps pushing MATIC price to $1.32, the range’s midpoint.
Investors should also keep in mind that a rejection at $1.235 is a distinct possibility.
4-hour MATIC/USDT chart
The immediate demand barrier of $1.183 may be surpassed if buyers continue to book profits. The downturn could extend up to the next support level at $1.034 in this case.
While the MATIC price may go below $1.034 to sweep the lows, the bullish thesis will be invalidated if it fails to rise above. A move like this might lead to a retest of the $1.004 support level./n
