The Polygon (MATIC) price faces a critical support area
The MATIC price has experienced a decline since November 14, resulting in a lower high on December 9. Currently, MATIC has reached a crucial horizontal support level. The question is whether it will break down from this support or initiate a bounce.
Polygon struggles to sustain its increase
On the daily timeframe, technical analysis reveals that the MATIC price has been rising since October when it broke out from a descending resistance trend line. This upward movement led to a high of $0.98 on November 14. However, despite the breakout, MATIC fell below an important horizontal resistance level that had been in place since June, creating a lower high in December.
Analysts’ perspectives on MATIC
Cryptocurrency traders and analysts are mostly optimistic about the future price trend of MATIC. One analyst shared a long-term symmetrical triangle pattern and suggested that the movement would resemble the one in 2021 when MATIC experienced a significant increase after breaking out from a similar pattern. Another analyst expressed short-term bullishness and set targets for MATIC to reach before the year ends.
Polygon team completes test version of Miden node
The Polygon team recently announced that their engineers have finished developing a test version of the Polygon Miden node. This node will perform various functions such as exposing RPC endings, verifying user-generated proofs, producing blocks, and storing and updating the state.
MATIC price prediction: Will $0.85 area hold?
Technical analysts are utilizing the Elliott Wave theory to analyze the MATIC price movement. It suggests that MATIC completed a five-wave upward movement and is currently in the C wave of an A-B-C corrective structure. The bearish divergence in the daily RSI supports this downward trend. If the decline continues, the bottom of the C wave is likely to reach the 0.618 Fib retracement support level at $0.68. However, if MATIC surpasses the wave B high of $0.95, it could potentially lead to a 35% increase to the next resistance level at $1.15.
Hot Take: MATIC price faces critical support, but analysts remain optimistic
The Polygon (MATIC) price has reached a crucial horizontal support level after experiencing a decline since November. Analysts have varying perspectives on the future price trend of MATIC, with some highlighting long-term bullish patterns and others emphasizing short-term targets. Additionally, the completion of the Polygon Miden node by the Polygon team could have implications for the network’s development. While technical analysis points to a potential further decline in MATIC’s price, breaking certain resistance levels could lead to a significant increase. Overall, the future trajectory of MATIC remains uncertain, but market participants continue to closely monitor its movements.
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