Polygon’s MATIC token is currently confronting a significant resistance line that has capped its price for nearly 800 days. Moreover, MATIC has touched the ceiling of its recent horizontal trading range. As enthusiasts and investors observe the token’s weekly performance, there is anticipation as to whether MATIC can surge past this barrier and reach the $1 milestone.
Probing the Weekly Price Trajectory of MATIC
From its June 2022 trough at $0.32, MATIC’s valuation has been climbing. The resistance line has faced repeated tests, with the latest occurring this week. Some experts, like cryptocurrency investor CryptoFaibik, suggest that a breakout could propel MATIC’s value by over 600%. The Relative Strength Index (RSI) further corroborates bullish sentiments, as it currently reveals a positive momentum shift.
A robust RSI, particularly one climbing above 50, bodes well for bullish traders. The RSI has recently ascended to this pivotal level and is on an upward trajectory, signaling a potential bullish phase for the token.
Insights from the Daily Chart Analysis of MATIC
The daily chart analysis presents an optimistic outlook, bolstered by favorable price movements, RSI trends, and wave patterns. Since January 23, MATIC’s price has been on an ascent, touching a peak of $0.93. This rise is supported by a daily RSI that is above 50 and climbing. Furthermore, the Elliott Wave theory suggests MATIC might be in the midst of a powerful third wave, which is typically the most intense in a five-wave upward progression. This could set the stage for a potential rise to $1.54.
Despite these indicators pointing to a bullish future for MATIC, a failure to break past the critical resistance at $0.93 could see its price retract by 20% to the next support level at $0.73.