Cryptocurrency

Polygon

<p>Polygon (MATIC) price was unable to break out of its long-term decreasing resistance trend line last week, forming a lower peak in the process. Despite this, it continues to trade above the horizontal support area. So, is the MATIC price ready to leap, or is the path to a decline now open?</p> 
<h2 id="attempted-breakout-in-matic">Attempted Breakout in MATIC</h2> 
<p>When examining the weekly time frame technical analysis, it is apparent that the MATIC price has been trading below a decreasing resistance trend line since the All-Time High (ATH) level it reached in December 2021. This decline paved the way for a low of $0.32 in June 2022. MATIC then started an upward price movement. To date, there have been three unsuccessful attempts to break the resistance trend line (red symbols) including last week. A longer-term review reveals that the long-term trend line has remained in place over a 720-day period.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-288499" src="https://coin-turk.com/wp-content/uploads/2023/12/720-gun-rsi.png" alt="" width="734" height="299"></p> 
<p>Additionally, the graph indicates an increase in the Relative Strength Index (RSI), and an RSI observed above 50 can be considered a bullish indicator for MATIC.</p> 
<h2 id="what-are-analysts-saying">What Are Analysts Saying?</h2> 
<p><a href="https://en.coin-turk.com/crypto-market-update-current-status-of-bitcoin-altcoins-and-top-performers/" data-wpel-link="internal">Cryptocurrency</a> traders and analysts, continuing their posts on platform X, seem to have a mostly positive outlook regarding future price movements. Buy Dip <a href="https://en.coin-turk.com/breathless-anticipation-for-interest-rate-decision-how-will-the-feds-decision-affect-cryptocurrencies/" data-wpel-link="internal">Crypto</a> predicts that a parabolic rise may only begin once the long-term resistance trend line is broken, sharing the graph below in support of this view.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-288498" src="https://coin-turk.com/wp-content/uploads/2023/12/dip-crypto-tweet.png" alt="" width="741" height="325"></p> 
<p>Masha mentioned that the rise is due to fundamental reasons. Despite the price drop, the total amount of MATIC staked has increased, and Masha maintains her belief, adding:</p> 
<p>“Initially, from the first quarter onwards, both token price and network stake show a positive trend, indicating a developing ecosystem with increasing market value and participation levels. However, a change occurs in the third quarter, where the drop in token price surprisingly supports the growth of staking. This situation shows that network’s stake ecosystem maintains a positive outlook amid market challenges, indicating ongoing participant confidence.”</p> 
<h2 id="matic-price-prediction">MATIC Price Prediction</h2> 
<p>While an upward trend is observed in the weekly charts, the daily timeframe analysis still shows a downward outlook, with price movement and RSI indicator being pointed to as reasons. The price movement indicates that MATIC returned to the $0.85 horizontal area after breaking out. To date, there have been only two deviations above this level.</p> 
<p>Additionally, the recent highs show a downward trend in the daily RSI. This is often a sign that appears before a reversal of the downward trend. If MATIC price closes below $0.85, a 13% drop to the $0.74 horizontal support area could be possible. Conversely, a return to the $0.85 area could bring a 45% increase to the next resistance at $1.25.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-288501 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/polygon-en-alt.png" alt="" width="736" height="301"></p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/polygons-price-movement-and-predictions/" data-wpel-link="internal">https://en.coin-turk.com/polygons-price-movement-and-predictions/</a>

Polygon’s Price Movement and Predictions

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