The Polygon Price Prediction 2022 is on the 12-hour chart, MATIC price has established an ascending parallel channel, indicating a positive outlook. Polygon may aim for the top border of the current chart pattern at $2.32 next; which coincides with the Fibonacci extension level of 127.2 percent.
Let’s Examine Polygon’s Technical Movement:
Polygon Price Prediction 2022
On February 14, Polygon designated the lower limit of the governing technical pattern as support at $1.59. Similarly, as MATIC price approached the swing low; the Momentum Reversal Indicator (MRI) flashed a bottom signal; indicating that the token is at ease for a reversal.
The 21-hour Simple Moving Average (SMA) at $1.79 will act as immediate resistance, crossing with the 61.8 percent Fibonacci retracement level. Additional obstacles could appear at the $1.93 middle boundary of the ruling technical pattern; which corresponds to the 78.6% Fibonacci retracement level.
Polygon will encounter additional headwinds at $2.00, where the 100 and 200 twelve-hour SMAs cross, and then at $2.10, where the MRI’s resistance line intersects. The token will only attain the optimistic aim of $2.32 if MATIC pricing overcomes the aforementioned difficulties.
If selling pressure increases, MATIC price might fall to the 50 percent retracement level at $1.70; then to the 50 twelve-hour SMA at $1.65, the first line of defence.
At $1.61, the lower limit of the ruling technical pattern, where the 38.2 percent Fibonacci retracement level is also placed; additional strong support will emerge.
MATIC price could be preparing for a major rally if buying pressure increases. A surge in bullish sentiment could see the Polygon price reach the upper boundary i.e $2.15.
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