Polygon (MATIC) Moves Above $1

Polygon (MATIC) Moves Above $1 for the First Time in 250 Days – Can It Reach $2?


The Polygon (MATIC) price moved above $1 today. It is in the process of breaking out from a 730-day descending resistance trend line, which has been in place since the all-time high.

Despite the breakout, MATIC is still below its yearly high of $1.57. Can it reach a new one before the end of the year?

Polygon Finally Breaks Out

The MATIC price had fallen under a long-term descending resistance trend line since the all-time high of $2.90 in December 2021. The decrease led to a low of $0.32 in June.

After beginning an upward movement, MATIC made another attempt at breaking out in February 2023 (red icon) but was unsuccessful. Two more unsuccessful breakout attempts followed in November and December before the price finally broke out this week.

Betfury

Today’s high of $1.07 is the highest since April. It is worth mentioning that MATIC has not reached a weekly close above the resistance trend line yet.

MATIC/USDT Weekly Chart. Source: TradingView

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

The weekly RSI is increasing and above 50, both signs of a bullish trend.

For BeInCrypto’s latest crypto market analysis, click here.

Is Polygon MATIC Just Starting to Spread its Wings? – YouTube

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



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