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.
Learn extra: Polygon (MATIC) Value Prediction
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.
Learn Extra: Finest Crypto Signal-Up Bonuses in 2023
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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In step with the Belief Undertaking tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary selections.