The Polygon (MATIC) Price Faces Resistance
The MATIC price has been struggling to break out of a long-term descending resistance trend line and recently fell below a horizontal area. This raises the question of whether MATIC can regain momentum or if further lows are ahead.
Polygon Fails to Break Out
Looking at the weekly time frame, MATIC has been trading under a descending resistance trend line for almost two years since reaching its all-time high in 2022. Despite multiple validations, the price was rejected last week and has since fallen. However, it still trades above an important horizontal area.
Traders often use the Relative Strength Index (RSI) as a momentum indicator to determine if a market is overbought or oversold. Currently, the RSI gives a mixed reading as it is slightly above 50 but decreasing.
What Are Analysts Saying?
Crypto traders and analysts have mixed opinions about the future of MATIC’s price. Crypto Dave predicts that the price could reach $1 by the end of the year but will turn bearish if it drops below $0.72. On the other hand, Dark Green is decisively bearish and believes that MATIC’s upward movement has ended.
MATIC Price Prediction: When Will Correction End?
Technical analysts are using the Elliott Wave theory to analyze MATIC’s price patterns. According to this theory, MATIC has completed a five-wave upward movement and is currently in a corrective structure. A bearish divergence in the daily RSI supports the expectation of further decrease.
If the price continues to decline, the bottom of the corrective wave could be around $0.68. However, if it surpasses the wave B high at $0.95, it could trigger a significant increase up to $1.15.
Hot Take: MATIC Faces Resistance and Uncertain Future
The Polygon (MATIC) price is currently facing resistance from a long-term descending trend line and has fallen below a key horizontal area. Analysts have mixed opinions on its future, with some predicting further decrease and others still bullish on the asset. Technical analysis suggests that MATIC is in a corrective structure, with a potential target of $0.68 if the decline continues. However, breaking above $0.95 could lead to a substantial increase towards $1.15. Overall, the future of MATIC remains uncertain as it navigates these resistance levels and market sentiment.
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