Summary
TLDR: Polygon’s (MATIC) price broke out from a long-term descending resistance trend line and has reached the top of a long-term horizontal range. Analysts are positive about the future trend, with predictions of reaching $3. Technical analysis supports a potential breakout, with a possible increase to $2. However, a rejection from the range high could lead to a 30% drop to $0.70. Always do your own research before making financial decisions.
Key Points
1. Polygon’s (MATIC) price broke out from a long-term descending resistance trend line that existed since the December 2021 all-time high.
2. The price has also reached the top of a long-term horizontal range. Will it break out or get rejected?
3. The weekly time frame technical analysis shows that MATIC has increased since June 2022. After creating a higher low in October 2023, it accelerated its rate of increase.