Polygon (MATIC) price was finally able to close above the long-term descending resistance line that has been present on the chart since reaching the all-time high.
Polygon successfully broke through long-term resistance levels.
In December 2021, MATIC reached an all-time high at $2.90 and has since experienced a decline along a long-term descending resistance line. The decline was swift, and the token hit a low of $0.32 in June.
After this decline, MATIC began to rise but was unable to make a bullish breakout. However, in February 2023, the price bounced off the descending resistance line (red icon).
After forming a rising low and enduring two more failed breakout attempts, MATIC finally achieved a bullish breakout last week and closed above the resistance line. At that time, this trend line had been in place for almost 730 days.
Source: TradingView
The weekly Relative Strength Index (RSI) is increasing and is above the neutral level of 50, indicating a bullish trend.
What do analysts think?
Cryptocurrency traders and analysts on Platform X are optimistic about MATIC’s prospects.
For instance, Crypto Rover believes that the price will reach $1.15 as a result of the bullish breakout from the symmetrical triangle technical pattern.
MATIC/USDT daily chart. Source: X
Rekt Capital suggests that the coin will retest the breakout level before resuming its growth:
“The price has finally touched the blue resistance for the rally at +44%. From here it rebounded and is now plunging into the top of the ascending triangle from which #MATIC broke out. A successful retest could allow the price to return to blue resistance.”
Meanwhile, Bull Lord observed a bullish break of the long-term descending resistance line and predicts that this will be the catalyst for a rally to a new all-time high.
MATIC forecast: are we anticipating new growth above $1
The daily timeframe indicates a bullish price trend.
According to the price dynamics, MATIC made a bullish breakout of the symmetrical triangle and the horizontal area of $0.95. It was subsequently tested for support (green icon). The daily RSI is also bullish as the indicator broke through the bearish divergence trend line (green).
If the rally continues, the token could rise by 55% and reach the next resistance level at $1.55.
Source: TradingView
On the other hand, a close below $0.95 would invalidate the current bullish breakout for MATIC. If this occurs, the price could drop by 25% to the nearest support level at $0.75.
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