In the cryptocurrency market, blockchain projects have gained prominence with rising trends, similar to 2021. Solana and Avax have seen considerable momentum, attributed to user preference for their ecosystems. However, Polygon (MATIC) has maintained a low profile, leading to selling pressure. This overview examines the current and future technical analysis of MATIC.
The four-hour MATIC chart reveals a rectangular formation, indicating a consistent trading range over an extended period. MATIC has broken its support line three times in 2024, but these movements have been traps for bears. The price faces significant selling pressure below the EMA 200 level (red line).
Key support levels on the four-hour chart for MATIC are $0.7743, $0.7552, and $0.7366. A close below the $0.7743 level, intersecting the formation’s support line, could intensify selling pressure.
Important resistance levels to watch on the same chart are $0.7969, $0.8131, and $0.8380. A close above the $0.7969 level, intersecting the EMA 21 level (blue line), could drive upward momentum for MATIC.
The weekly MATIC chart features a triangular pattern, with a breakout in either direction set to determine the trend. Closing below the EMA 200 level could generate selling pressure. Crucial weekly support levels are $0.7387, $0.6519, and $0.5915. Resistance levels to note are $0.8667, $0.9485, and $1.0674, with a close above $0.9485 potentially accelerating MATIC’s upward trajectory.