Summary
TLDR: Polygon (MATIC) price broke long-term resistance and is close to breaking another. Weekly chart is bullish, daily chart is mixed. If MATIC breaks above $1.05, could see 50% increase to $1.55, if rejected, could drop 10% to $0.95.
Key Points
1. The Polygon (MATIC) price broke out from a long-term diagonal resistance and is attempting to move above another one.
2. MATIC is trading at the higher end of its range in the short term, raising the question of whether it will successfully break out or face rejection.
3. The weekly time frame movement shows that MATIC has increased since October 2023, triggering a breakout from a long-term descending resistance line and moving above a long-term horizontal resistance area.