After a short-term correction, the Polygon (MATIC), price will continue to rise |

The Polygon (MATIC), price surged 20% last Wednesday and regained a significant long-term support area of $1.31
According to CoinGecko data, Polygon (MATIC), is currently the eighth-largest cryptocurrency in terms of market capitalization. MATIC, the native token of Polygon network, is a scaling solution that allows for the Ethereum blockchain to grow.
The weekly chart shows that the $1.31 level recovery is a key event in the resumption a new uptrend. This area corresponds to the important 0.382 Fib Retracement level for the entire downward movement, counting from the all time high (ATH).

/Related
More Articles

It also served as support in the early 2022 (green circle), but it was lost in April. Since then, it has become resistance and rejected the MATIC in October-November. (Red circle).
This event coincided the rejection of the long-term falling resistance (blue), which was in effect from December 2021’s ATH at $2.92. The blue circle was broken last month. This was the first sign of a long-term trend change.
MATIC/USDT chart from TradingViewMATIC reached $1.57 local peak, very close at the 0.5 Fib Retracement. The weekly RSI also reached the 70-mark, but failed to exceed it. As there are no signs yet of bearish divergence, the uptrend is likely to continue.
The resistance levels at $1.69 & $1.93 are the next targets. These levels correspond to the 0.5 Fib, 0.618 Fib, and important horizontal areas, respectively.
After correction, the price of Polygon (MATICIC) will rise
The daily Polygon chart gives a more detailed view of the short-term price action. First, it appears that the bearish divergence (red line) that has been developing since mid January has already ended. The upward movement resumed after the MATIC price validated $1.16 as support.
After reaching a local peak of $1.57, a correction is expected to the $1.25-1.31 area. This range corresponds to the 0.382 Fib Retracement of the entire upward trend this year and the support of daily supertrend indicator. It would also serve to confirm the $1.31 long-term support level.
A breakdown below the bullish supertrend and the $1.16 level would jeopardize the current uptrend. This would cause the Polygon price below $1.06 and $0.92 support levels.
MATIC/USDT chart from TradingView This will likely happen after a short-term correction, validation of the $1.31 area.
Click here to see the latest Bitcoin (BTC), analysis by BeInCrypto
Disclaimer
BeInCrypto will do its best to provide accurate and current information. However, it cannot be held responsible for any missing or incorrect information. You agree to comply with this agreement and understand that any information you use is at your own risk. Cryptocurrencies can be volatile financial assets. Make sure you do your research before making any financial decisions.