The Recent Surge in Polygon (MATIC) Price
Over the past five weeks, the price of Polygon (MATIC) has been on the rise, almost hitting $1 today. MATIC has managed to break a nearly 700-day descending resistance trend line, prompting questions about whether it will continue to surge.
MATIC Clears Long-Term Resistance
Looking at the weekly time frame technical analysis, it’s evident that the MATIC price is forming its fifth consecutive bullish weekly candlestick. This surge has seen an 85% increase in price and has reclaimed the $0.60 and $0.85 horizontal areas. The breakout from a long-term descending resistance trend line has been a significant driver of this upward movement.
The Relative Strength Index (RSI) currently indicates a bullish trend, with the RSI on the rise and surpassing 50, signaling a favorable outlook for MATIC’s price.
What Are the Analysts Saying?
Cryptocurrency analysts have provided a bullish perspective on MATIC’s future price trend. Crypto Faibik noted that MATIC is on the verge of a massive triangle breakout on the macro time frame chart. Similarly, JavonTM1 expressed optimism about MATIC’s future due to the lack of resistance above the current price.
MATIC Price Prediction – Can Increase Become Parabolic?
A closer look at the weekly time frame reveals that MATIC has been following a descending resistance trend line since its all-time high nearly 700 days ago. The bullish weekly RSI supports the possibility of a breakout, potentially leading to a 60% increase in price. However, if there is a rejection from the trend line, it could result in a 15% drop to the closest long-term support at $0.75.
Hot Take: Is Polygon (MATIC) Headed for Parabolic Growth?
Polygon’s recent surge and successful break from long-term resistance indicate potential for further upward movement. Analysts are optimistic about its future trajectory and believe that it may be on track for parabolic growth if it continues to maintain momentum. However, caution is advised as any rejection from current levels could lead to a significant pullback in price.
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