Polygon MATIC USDT is currently trapped in a sideways 1 hour range. A break above resistance or below support will provide clarity on the next short-term direction. Key levels have been defined to watch for trading opportunities.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 4-hour charts.
1 Hour Timeframe
Current Market Conditions: The 1 hour chart shows that polygon is currently in a sideways consolidating range between the resistance at 0.8276 and demand zone #1 support at 0.7654. Price action over the past few hours has the coin bouncing between these levels as buyers and sellers battle for control.
Key Levels to Watch:
- Above: If price breaks above resistance at 0.8276, this would be a bullish sign and could lead to a move higher targeting the 0.50 and 0.618 Fib retracement levels at 0.7904 and 0.7776 respectively.
- Below: A break below demand zone #1 support at 0.7654 would shift momentum to the downside. Price would then likely test demand zone #2 support between 0.7609-0.7362. A break below here could see a move lower to fill the bullish fair value gap between 0.7863-0.7935.
Trading Strategies: For those looking to trade the range:
- Long entries could be placed above 0.8276 resistance with tight stops below the low of the current range. Target the Fib retracement levels.
- Short entries could be placed below 0.7654 support with stops above the high of the range. Initial downside target is demand zone #2.
Support and Resistance Levels
Resistance Zone 1 | 0.8276 |
Fibonacci Retracement Levels
0.382 | 0.8032 |
0.50 | 0.7904 |
0.618 | 0.7776 |
0.786 | 0.7594 |
0.882 | 0.7490 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 0.7786 | 0.7654 |
Demand Zone #2 | 0.7609 | 0.7362 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG #1 | 0.7863 | 0.7935 |