Summary
TLDR: MATIC price has been under a long-term descending resistance trend line for nearly 800 days. Technical analysis suggests a potential breakout, with predictions of a 600% increase. RSI readings and wave count support a bullish outlook, with a potential target of $1. However, failure to break out could lead to a 20% drop to $0.73. This information is for informational purposes only and not financial advice.
Key Points
1. The Polygon (MATIC) price has reached a long-term descending resistance trend line that has existed for nearly 800 days.
2. MATIC also reached the top of its short-term horizontal range. Can it break out and reach $1 next?
3. The technical analysis of the weekly time frame shows the MATIC price has fallen under a long-term descending resistance trend line since the start of 2022.