Will Polygon (MATIC) find the strength to rebound after a strong drawdown?

Polygon is struggling to maintain its momentum as its price has been rising since October when it broke through a descending resistance line. However, the price recently dropped below an important horizontal resistance level, signaling a decrease in momentum. Analysts on Platform X are generally optimistic about Polygon’s prospects, with some pointing to a long-term symmetrical triangle pattern and predicting a similar price action to 2021. Crypto Dave is bullish in the short term, expecting the price to break through $0.96 and reach $1 before the end of the year. It’s worth noting that the Polygon team recently announced the completion of work on a test version of the Polygon Miden node. According to Elliott wave analysis, the price may have completed a five-wave upward movement and be in a correction phase. If the correction continues, the bottom of the correction could be around the $0.68 level, representing a 20% drop. However, a break above the wave B high of $0.95 could lead to a 35% rally to the next resistance at $1.15.