Polygon (MATIC) Approaching High and Rejected
Last week, the Polygon (MATIC) price approached a high of $1 but was rejected on November 14 by a long-term descending resistance trend line that has been in place for nearly 700 days. The question now is whether the price will finally move above this resistance.
MATIC Trades Inside Long-Term Resistance
Technical analysis from the weekly time frame shows that the MATIC price has been increasing since breaking out from a descending resistance trend line in September. The rate of increase accelerated in October, resulting in a high of $0.98 last week. However, last week’s candlestick was bearish, indicating a slight fall in price.
Additionally, the upward movement took MATIC above the $0.85 horizontal resistance area, but the price did not quite reach $1 and now trades inside this area.
Do Analysts Predict an Upward Movement?
Cryptocurrency analysts are mostly bullish about the future MATIC price trend, with many predicting a long-term breakout from the current pattern that could lead to a new all-time high price. Some analysts, such as ZAYKCharts, NebraskanGooner, and Nihilus, have outlined both long-term and short-term bullish price movements for MATIC.
MATIC Price Prediction – Can Price Clear 700-Day Trend Line?
A historical look at the MATIC price shows it has followed a descending resistance for nearly 700 days since its all-time high. Although it moved above this trend line last week, it failed to break out and instead created a bearish candlestick and fell below it. Despite this, the weekly RSI is bullish, supporting the possibility of an increase, and if MATIC breaks out, it could increase by 70% to the next horizontal resistance at $1.50. A failure to break out could cause a 10% drop to the closest support at $0.75.
Hot Take: Analysts are Bullish on MATIC
Despite the rejection at the long-term resistance line, analysts are optimistic about MATIC’s future movement. The likelihood of a long-term breakout leading to a new all-time high price is on the minds of the crypto community. Short-term predictions also indicate a bullish trend for MATIC, showing potential for significant price increases.
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