Summary
TLDR: Polygon (MATIC) price broke out from a 780-day descending resistance trend line, showing bullish signs. Weekly RSI is bullish, indicating a potential upward trend. Daily analysis supports this with price action and wave count suggesting a target of $1.55. A daily close below $0.95 could indicate a local top. Always do your own research before making financial decisions.
Key Points
1. The Polygon (MATIC) price broke out from a descending resistance trend line that had existed for more than 780 days.
2. The weekly time frame technical analysis shows that the MATIC price broke out from a 780-day descending resistance trend line last week, with the weekly close being the highest since April 2023.
3. The weekly Relative Strength Index (RSI) gives a bullish reading, indicating an upward trend in the market.