Polygon (MATIC) continues to grapple with a persistent resistance trend line, indicating a struggle against declining resistance. Recent rejections imply a possible downturn if support levels are breached.
The price of Polygon (MATIC) has dropped below a resistance trend line that has been in place since its peak in December 2021. Moreover, MATIC is currently adhering to a shorter-term resistance trend line.
Polygon (MATIC) Price Analysis: Struggling with Resistance Trends
Cryptocurrency analysts, in their weekly chart analysis, highlight that the MATIC price has been grappling with a declining resistance trend line since it reached its all-time high in December 2021. The downward trajectory hit a low of $0.32 in June 2022, and despite subsequent increases, MATIC continues to trade below the declining resistance trend line.
Throughout November 2023, the altcoin has attempted to break out four times without success, consistently retreating afterward. The weekly Relative Strength Index (RSI) reflects a persistent downtrend. RSI is a crucial momentum indicator used by investors to gauge market conditions, helping determine whether the market is overbought or oversold and guiding decisions on buying or selling. With the RSI trending downward, the analysis suggests challenges for MATIC in overcoming resistance.
Polygon (MATIC) Price Check: Trend Still Unsure
Both weekly and daily timeframe analyses indicate a downtrend for MATIC, with the price consistently falling below a declining resistance trend line since the year’s onset. Despite the indicator’s descent, it remains above 50, indicating a state of uncertainty in the trend.
Recent developments show MATIC being rejected by the trend line, resulting in a bearish candlestick formation. This rejection aligns with a similar pattern observed in the Relative Strength Index (RSI), which was rejected from the 50 mark. Crypto analyst Crypto Rover underscores the significance of the trend line while expressing optimism about eventual price recovery.
Presently, MATIC trades below the descending resistance line but above the $0.72 horizontal support area. However, a breach of this support could precipitate a 20% decline to the nearest support level at $0.60.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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