This Resistance Is the Last Thing Standing Between Polygon (MATIC) and $1.50

Watch Icon
BeInCrypto

The Polygon (MATIC) price has increased during the last five weeks, nearly reaching a high of $1 today.

MATIC has reached a nearly 700-day descending resistance trend line. Will it break out?

MATIC Clears Long-Term Resistance

The weekly time frame technical analysis reveals that the MATIC price is in the process of creating its fifth consecutive bullish weekly candlestick.

During this time, the MATIC price increased by 85% and reclaimed the $0.60 and $0.85 horizontal areas.

A breakout from a long-term descending resistance trend line preceded the entire upward movement.

Read more: Polygon (MATIC) Price Prediction

The weekly Relative Strength Index (RSI) functions as a momentum indicator, aiding traders in evaluating a market’s overbought or oversold status to inform their buy or sell decisions.

A reading above 50 during an upward trend favors bullish sentiment, while a reading below 50 suggests the opposite. Currently, the RSI is on the rise and has surpassed 50, indicating a bullish trend.

MATIC/USD Weekly Chart. Source: TradingView

A report from the Game7 DAO team noted that the Polygon ecosystem is home to more than 250 Web3 games. This leads all other ecosystems. The second and third places are held by BNB and Ethereum, respectively.

What Are the Analysts Saying?

Cryptocurrency analysts on X (formerly Twitter) provide a bullish perspective for the future MATIC price trend.

Crypto Faibik stated that:

“MATIC is on the verge of a massive triangle breakout on the macro time frame chart, so keep an eye on it.”

MATIC/USDT Weekly Chart. Source: X

In his chart, the price is approaching the long-term triangle’s resistance trend line.

JavonTM1 is similarly bullish about the future of MATIC, mostly due to the lack of resistance above the current price.

Read More: Best Crypto Sign-Up Bonuses in 2023

MATIC Price Prediction – Can Increase Become Parabolic?

A zoomed-out look at the weekly time frame shows that the altcoin followed a descending resistance trend line since the all-time high. So far, the trend line has been in place for nearly 700 days.

While MATIC briefly moved above it, it has yet to reach a close above this trend line. As outlined previously, the weekly RSI is bullish, supporting the possibility of a breakout.

If one occurs, MATIC can increase by 60%, reaching the next resistance at $1.50 and possibly reaching the yearly high at $1.56.

MATIC/USDT Weekly Chart. Source: TradingView

Despite this bullish MATIC price prediction, a rejection from the trend line can cause a 15% drop that would take MATIC to the closest long-term support at $0.75.

Read more: 9 Best AI Crypto Trading Bots to Maximize Your Profits

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | November 2023

Paybis No fees for 1st swap → iTrustCapital Crypto IRA → Coinbase $200 for sign up → Uphold No withdrawal fee → eToro $10 for first deposit → BYDFi No KYC trading →

The post This Resistance Is the Last Thing Standing Between Polygon (MATIC) and $1.50 appeared first on BeInCrypto.

 
More News

Binance Announces Compensation For Traders...

Watch Icon
Last updated

Source: Pixabay Binance will compensate users who bought the Euro-pegged AEUR stablecoin during a recent 200% surge, the company said. In a blog post published Wednesday, the company said it would create a compensation plan for users who bought the stablecoin after its value surged nearly 200% to more than $3. The sudden spike in The post Binance Announces Compensation For Traders Who Bought AEUR Stablecoin During 200% Surge  appeared first on Cryptonews.

The Time To Leave X(Twitter) Is Now

Watch Icon
Last updated

Bitcoin Twitter has been an exciting place over the last year as the Nostr and Ordinals protocols became the new up-and-coming protocols on the scene. Ordinals exposed a fault line starting to form within the Bitcoin community. The ossifiers class that wants to keep Bitcoin the way it is versus the builders that want to […]

Back to Top