The price of MATIC has plummeted 10% in the last 24 hours.
The $1.034 support level is anticipated to provide as a springboard for Polygon’s 27 percent gain.
The bullish argument will be invalidated if the $1 support level is broken.
For a long time, the MATIC pricing has been stuck in a range. However, Polygon’s noose has been tightened by a recent rejection at a critical resistance hurdle.
The present sell-off will very certainly reverse near the immediate support level, kicking off a fresh uptrend.
For the past 15 days, MATIC’s price has been stuck between $1 and $1.235. Polygon is hovering above the $1.034 support level at the time of writing, after losing around 10%.
Investors should expect a rebound of purchases and a possible reversal at this barrier. However, MATIC price may retest $1 before resuming the surge in some situations.
Before attempting to identify the 50 percent Fibonacci retracement level at $1.32, a 27 percent upswing from $1.034, the projected upswing must slice through intermediate resistance levels.
If buying pressure persists despite the rise, MATIC will most likely attempt to enter the high likelihood reversal zone, which runs from $1.41 to $1.54. Polygon is expected reach sweep $1.41 or $1.477 before a retreat occurs, according to market participants.
4-hour MATIC/USDT chart
While the upward story appears to be feasible, investors should be wary of a retest of the $1 support level, especially if MATIC price breaks through it. The positive prognosis would not be harmed by a minor downturn.
If the bulls fail to retake $1, the bullish scenario outlined above will be invalidated, and a retest of the range bottom at $0.926 could be on the horizon./n
