MATIC’s resilience around the 61.8% FIB zone seems to bear fruits. The altcoin appears on a clear path to rally towards $1.34 after it traversed past its bearish formation. With that, the asset can rise to touch its swing high on 5 September at $1.80. That is possible with buying pressure that appears sturdy in vital price areas. While writing this content, MATIC hovers at $1.21 after gaining nearly 9% since yesterday.
4-Hour Chart
MATIC saw rough sessions throughout the past few sessions. The altcoin witnessed a sell-off of around $1.80 before a 44% drop in two weeks. Meanwhile, the token recorded few pushbacks at the 50% FIB zone. However, it failed to produce enough strength for a persisting push.
The emerging symmetric triangle means trouble for the crypto, and it might translate to an extended downswing for MATIC. Nevertheless, the golden FIB retracement area rose. The 61.8% FIB level revived buying pressure as the token broke past its top trend-line.
Meanwhile, a slight selling pressure might emerge at 23 September’s peak of $1.24. Nonetheless, buyers can step up around the 50% FIB level for a continued push to $1.34. From this point, MATIC will face a massive battle inside the $1.34 – $1.51 range because of the magnified sell interest.
Reasoning
The RSI displayed a steady upsurge as Polygon’s token rose past the symmetrical triangle. However, movements towards the overbought region would necessitate stability before the crypto notes further upside actions. Meanwhile, if the MACD recovers past the half-line, market players can witness increased buying momentum. Also, the Awesome Oscillator supports the optimistic views. For instance, bullish twin highs on the index suggest an incoming buying pressure surge.
Conclusion
For now, MATIC’s elements support its upside moves. The token can rise by a further 12% to test the price ceiling located at $1.34. Though selling pressure might emerge at $1.24, traders can venture into long positions when MATIC displays reversal gestures near the 50% FIB level. However, crypto enthusiasts need to pay attention to a plunge towards 61.8% FIB zone as such a move will mean downswings.
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