Polygon’s MATIC Token Approaches Long-Term Resistance: Will It Break Through?

Polygon, MATIC, cryptocurrency, price analysis, resistance, bullish trend, Web3 games, Game7 DAO, technical analysis, crypto Twitter, price forecast, parabolic growth.

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.

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