Polygon’s MATIC Token Approaches Long-Term Resistance: Will It Break Through?
Polygon’s MATIC token has been on an upward trajectory for the past five weeks, nearly reaching $1 today. MATIC has breached the 700-day descending resistance line, prompting speculation about a potential breakthrough.
On the weekly technical timeframe, MATIC is forming its fifth consecutive bullish candle, marking an 85% price increase. The token reclaimed horizontal areas at $0.60 and $0.85, preceded by breaking the long-term descending resistance line. The weekly Relative Strength Index (RSI) is also on an upward trend, surpassing the neutral 50 marks, indicating a bullish trend.
In a recent update from Game7 DAO, Polygon’s ecosystem is recognized as the platform for over 250 Web3 games, making it a leader among other ecosystems, with BNB and Ethereum taking second and third places.
Crypto Twitter Analysts’ Views:
- Crypto Faibik suggests a potential massive bullish breakout for MATIC from a triangle on longer timeframes.
Crypto Faibik’s Tweet: “MATIC is on the verge of a massive bullish breakout from a triangle on long timeframes, so keep an eye on this.”
Weekly MATIC/USDT Chart: (Include image)
- JavonTM1 is also bullish on MATIC, citing the absence of significant resistance levels above the current price.
JavonTM1’s Comment: “MATIC is at the doorstep of a massive bullish breakout from a triangle on long timeframes, so keep an eye on this.”
Forecast for MATIC: Parabolic Growth? On the weekly timeframe, MATIC has been following a descending resistance line since reaching its all-time high, which has now been persisting for nearly 700 days. Although MATIC briefly surged above it, a sustained closure above this trendline is yet to be achieved. The weekly RSI supports the bullish outlook.
If a breakthrough occurs, the token could see a 60% surge, reaching the next resistance at $1.50 and potentially hitting the yearly high of $1.56.
However, a potential bounce off the trendline might lead to a 15% price drop, testing the nearest long-term support at $0.75.