The Polygon (MATIC) Price Breaks Out
The price of Polygon (MATIC) has broken above a descending resistance trend line that has been in place since its all-time high. However, it is still below its yearly high of $1.57. Can it reach a new high before the end of the year?
Polygon’s Long-term Resistance Trend
Since reaching its all-time high of $2.90 in December 2021, the MATIC price has been under a long-term descending resistance trend line. In June, it reached a low of $0.32. There have been several unsuccessful breakout attempts, but this week, the price finally broke out, reaching a high of $1.07, the highest since April.
Bullish Signs for MATIC
The weekly RSI is above 50 and increasing, indicating a bullish trend for MATIC. Traders and analysts on X have a positive outlook on the future price trend for MATIC.
Analysts’ Predictions for MATIC
Analysts suggest that the upward movement will continue for MATIC. Pentosh1 believes that historical support and a bull flag pattern indicate further upside potential. The Cryptomist predicts a potential triangle breakout leading to a price of $1.30. Open4Profit sees a breakout from a bullish cup and handle pattern, suggesting new highs.
MATIC Price Prediction: End-of-Year Rally
Technical analysis on the daily time frame supports a bullish outlook for MATIC. The Elliott Wave theory suggests that MATIC is in the fifth and final wave of an upward movement, with targets at $1.20 and $1.50. The daily RSI also indicates trend continuation with hidden bullish divergence. However, if MATIC closes below the $0.95 support area, it could see a 30% drop to the closest support at $0.75.
Hot Take: MATIC’s Breakout Signals Potential for New Highs
The breakout of Polygon (MATIC) from its long-term resistance trend line is a significant development. With bullish signals from analysts and technical analysis, there is potential for MATIC to reach new highs before the end of the year. Keep an eye on this cryptocurrency as it continues its upward movement.
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