Polygon Breaks Long-Term Resistance Trend Line
The price of Polygon (MATIC) has finally surpassed a descending resistance trend line that has been in place since its all-time high. However, the rate of increase for MATIC has not accelerated significantly.
MATIC’s Journey to Breakout
MATIC experienced a sharp decline below the long-term resistance trend line starting from December 2021, when it reached its all-time high of $2.90. The price hit a low of $0.32 in June before beginning an upward movement. However, the resistance trend line rejected the price multiple times, including in February 2023.
After several unsuccessful attempts, MATIC finally broke out last week and closed above the resistance trend line that had been in place for almost two years.
Analysts’ Bullish Outlook
Cryptocurrency traders and analysts have a bullish outlook on the future price trend of MATIC. Crypto Rover predicts that the price will reach $1.15 due to a breakout from a symmetrical triangle pattern. Rekt Capital suggests that the price is retesting its breakout level and will resume its ascent. Bull Lord believes that the breakout from the long-term descending resistance trend line will lead to a new all-time high price.
MATIC Price Prediction: Moving Above $1 Again?
The daily time frame indicates a bullish trend for MATIC based on the price action and RSI readings. The price broke out from a symmetrical triangle and validated the $0.95 area as support. The daily RSI also supports the bullish outlook as it broke out from its bearish divergence trend line.
If the upward movement continues, MATIC could increase by 55% and reach the next resistance level at $1.55. However, a close below $0.95 would invalidate the breakout and potentially cause a 25% drop to the closest support at $0.75.
Hot Take: MATIC Breaks Long-Term Resistance, but Will It Sustain the Momentum?
The price of Polygon (MATIC) has finally broken above a long-term descending resistance trend line, signaling a potential bullish trend. Analysts are optimistic about MATIC’s future price movement, with predictions ranging from a breakout to new all-time highs. However, it remains to be seen whether MATIC will sustain its momentum and continue its upward trajectory. Traders should closely monitor the price action and key support levels to make informed investment decisions.
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