The price of Polygon (MATIC) has experienced a decline after reaching a high of $0.98 on November 14. However, it has since regained its footing and is attempting to break out again.
MATIC Gets Rejected From Long-Term Resistance
On a weekly timeframe, MATIC has been in a downtrend since December 2021, with a descending resistance trend line in place for 707 days. The most recent rejection occurred three weeks ago, bringing MATIC to a crucial horizontal zone that has alternated between support and resistance since April 2022.
Traders often use the Relative Strength Index (RSI) to determine overbought or oversold conditions. The weekly RSI for MATIC is on the rise and positioned above 50, indicating upward momentum and a bullish trend.
It’s worth noting that Robinhood has launched crypto trading in Europe, and Polygon is among the cryptocurrencies available for trade.
What Are Analysts Saying?
Cryptocurrency traders and analysts have conflicting views on the future trend of MATIC. CryptoPoseidon is bearish due to the price trading at resistance, while MoreCryptoOnline is bullish but has doubts about whether the short-term correction is complete.
MATIC Price Prediction: Breakout or Breakdown?
The daily time frame leans bullish, as MATIC broke out from a descending resistance trend line on October 22. However, it fell below the $0.85 area shortly afterward. Nevertheless, the price has regained its footing and is attempting to break out again. This attempt is supported by the daily RSI bouncing at 50 and increasing.
If MATIC breaks out above $0.85, it could increase by 45% and reach the next resistance at $1.25. However, a rejection from the $0.85 area could lead to a 20% decrease to the 0.618 Fib retracement support level at $0.67.
Hot Take: Is MATIC Poised for a Bullish Breakout?
The price of Polygon (MATIC) has experienced some turbulence but is currently attempting to break out from a key resistance level. The weekly RSI is showing upward momentum and a bullish trend, while the daily RSI is bouncing at 50 and increasing. This suggests that MATIC has the potential for a breakout above $0.85, with a possible increase of 45% to $1.25.
However, there are conflicting views among analysts, with some bearish due to the price trading at resistance. A rejection from the $0.85 area could lead to a 20% decrease to the support level at $0.67.
Ultimately, the direction of MATIC’s price will depend on whether it can successfully break out or face another breakdown.
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