MATIC price has been range-bound for quite some time. However, the recent price rejection at a crucial resistance level barrier has tightened the noose around Polygon.
The current sell-off will likely reverse the pattern around the immediate support level and kick-start a new uptrend.
MATIC price action has stayed between prices of $1 and $1.235 for over 15 days. After shedding roughly 10%, Polygon is, at the time of writing, hovering above the $1.034 level.
Investors can expect a resurgence of buyers at this barrier and a potential reversal. However, in some cases, the Polygon MATIC price might retest $1 before kick-starting the rally.
The potential upswing needs to slice through intermediate resistance levels before attempting to tag the 50% Fibonacci retracement level at a price of $1.32, a 27% upswing from $1.034.
If the buying pressure continues to pour in despite this climb, Polygon MATIC price will likely attempt to head into the high probability reversal zone that stretches from a price of $1.41 to $1.54. Market participants can expect Polygon Matic to sweep $1.41 or $1.477 before a pullback originates.
While the upswing narrative seems plausible, investors need to be wary of retesting the $1 support level barrier, especially if MATIC price slices through it. A brief dip would not necessarily hurt the bullish outlook.
However, if the price bulls failed to reclaim $1, it would invalidate the optimistic scenario detailed above and indicate that a retest of the range low at a price of $0.926 might be around the corner.
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