MATIC looks ready to bounce back after it tagged a crucial demand barrier. With the recent development of a platform that supports projects built on Polygon, a test of the all-time high level seems likely.
MATIC price is currently testing a demand zone that extends from a price of $1.652 to $1.783. A decisive 4-hour candlestick pattern closes above the 61.8% Fibonacci retracement support level at $1.953 will signal the start of an uptrend.
In that case, Polygon could rally nearly 25% to retest the recent swing high at the price of $2.438 on May 26. Following a breach of this, MATIC price could retest the all-time high at a price of $2.70.
If the bid orders continue to pour in, the L2 scaling token’s market value could likely surge an additional 20% to test the price of $3.232, the 127.2% Fibonacci extension level.
On the other side, if the Polygon MATIC price breaks down the 38.2% Fibonacci retracement support level at $1.492, it would signal a bearish breakout. In that case, Polygon price could slide 20% to tag the 23.6% Fibonacci retracement level at a price of $1.206.
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