Polygon (MATIC) Price Falls Before Reaching $1

The Polygon (MATIC) worth practically reached a excessive of $1 final week however was rejected on November 14.

MATIC was rejected by a long-term descending resistance development line in place for practically 700 days. Will the value lastly transfer above it?

MATIC Trades Inside Lengthy-Time period Resistance

The technical evaluation from the weekly timeframe exhibits that the MATIC worth has elevated since breaking out from a descending resistance development line in September. The speed of enhance accelerated in October, resulting in a excessive of $0.98 final week.

Whereas final week’s candlestick was bearish (pink icon), MATIC had beforehand created 4 bullish candlesticks resulting in the excessive.

Moreover, the upward motion took MATIC above the $0.85 horizontal resistance space. The MATIC worth didn’t attain $1, has fallen barely since, and now trades inside this space.

The Relative Energy Index (RSI) is a momentum indicator merchants use to guage whether or not a market is overbought or oversold and whether or not to build up or promote an asset.

Readings above 50 and an upward development counsel that bulls nonetheless have a bonus, whereas readings under 50 point out the other.

Do Analysts Predict an Upward Motion?

Cryptocurrency analysts on X are largely bullish for the long run MATIC worth development.

ZAYKCharts believes a long-term breakout from the present long-term sample is probably going and will result in a brand new all-time excessive worth. He acknowledged that:

Looks like the proper second for a Breakout to Occur

NebraskanGooner and Nihilus are also bullish, although their evaluation is made within the short-term relatively than the long-term. NebraskanGooner outlined a short-term continuation pattern, which he has seen in quite a few different altcoins.

MATIC Value Prediction – Can Value Clear 700-Day Pattern Line?

A take a look at the MATIC worth lower because the all-time excessive exhibits that the altcoin has adopted a descending resistance for practically 700 days because the all-time excessive.

MATIC moved above this development line final week (pink icon) however failed to interrupt out. Slightly, it created a bearish candlestick and fell under it.

However, as outlined beforehand, the weekly RSI is bullish, supporting the potential for a rise. Moreover, the MATIC worth has moved above the long-term horizontal resistance space at $0.75, now possible to offer help.

If MATIC breaks out, it will probably enhance by 70% to the subsequent horizontal resistance at $1.50.

Regardless of this bullish MATIC worth prediction, failure to interrupt out from the long-term trendline may cause a ten% drop to the closest help at $0.75.

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