The price of Polygon (MATIC) has been gaining momentum since October and recently broke through the $1 barrier for the first time in 250 days. This price rally is supported by the weekly and daily time frame relative strength index (RSI) and price action, both indicative of a bullish trend. However, a weekly close below the long-term trend line could potentially debunk the breakout.
Polygon’s price trajectory has been constrained by a 730-day declining resistance trend line since reaching its all-time high. Even though it has made an upward shift, it still lags behind its yearly high of $1.57, prompting speculation on whether it can surpass this mark before year-end.
MATIC has had a few unsuccessful attempts at a breakout, most notably in February 2023. Despite these setbacks, it has finally made a breakthrough with a recent high of $1.07, the highest since April. However, it is yet to achieve a weekly close above the resistance trend line.
Market traders extensively use the RSI as a momentum identifier for overbought and oversold conditions to determine whether to accumulate or offload a particular asset. A reading above 50 indicates a bullish trend, which is currently the case for Polygon (MATIC).
Many cryptocurrency analysts and traders, like Pentosh1 and The Cryptomist, have given a positive price forecast for the MATIC. Pentosh1 predicts that the price will keep rising based on the current long-term support. Cryptomist expects a potential triangle breakout enough to steer the price to $1.30. Open4Profit, on the other hand, notes a breakout from a bullish cup and handle pattern, suggesting incoming soaring highs.
Price prediction from technical analysis predicts MATIC reaching around $1.20 or even $1.50 due to the wave count and RSI dynamics, healthy signs of a continuing trend. On the opposite note, if MATIC falls below the $0.95 horizontal support, a significant curb in the price rise to up to 30% may be prompted, potentiating a drop to the closest support at $0.75.