Resistance

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/polygons-matic-surpasses-key-resistance-mark" rel="noopener noreferrer nofollow">Polygon’s MATIC Surpasses Key Resistance Mark</a><br></p>
<p style="text-align: justify">The digital currency Polygon’s native token MATIC has recently made a significant move, breaking away from a descending resistance trend that had contained its price for over two years. Questions now arise whether this breakout signals the beginning of a new bullish cycle or if the token will struggle to maintain its upward trajectory.</p>
<h2 id="technical-breakthrough-for-matic">Technical Breakthrough for MATIC</h2>
<p style="text-align: justify">Analyses of MATIC on a weekly chart reveal that the price has successfully breached a long-standing resistance line, ending the week at its highest point since April of the current year. Although MATIC experienced a minor pullback after this surge, recent activities suggest it has affirmed the former resistance as new support, a pattern commonly observed in the <a href="https://en.bitcoinhaber.net/investment-waves-in-crypto-strategic-moves-amid-market-fluctuations" rel="noopener noreferrer nofollow">cryptocurrency</a> market following such breakouts. Despite this break, MATIC has yet to clear a major horizontal resistance zone that’s been fluctuating as both a ceiling and floor since mid-2021. The daily chart, which includes various technical indicators, echoes the possibility of an upward trend continuation.</p>
<h2 id="matic-s-on-chain-signals">MATIC’s On-Chain Signals</h2>
<p style="text-align: justify">The on-chain metrics appear to support a bullish outlook for MATIC, showing a break above the previous high of $0.95 and establishing it as a support level. With a bullish divergence noted in the daily Relative Strength Index (RSI), a commonly bullish signal, and wave counting techniques predicting an ascent above the $1 mark, the positive sentiment is palpable. The Elliott Wave Theory, employed by analysts to forecast market trends, suggests that MATIC could be in the third of a five-wave upward sequence. If this pattern holds true, MATIC’s price could soar by 60%, reaching as high as $1.55. However, a decline below the $0.95 support could signal a peak within the current structure, potentially leading to a 25% decline toward the next support level at $0.74.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/polygons-matic-surpasses-key-resistance-mark" rel="noopener noreferrer nofollow">Polygon’s MATIC Surpasses Key Resistance Mark</a></h5>

Polygon’s MATIC Surpasses Key Resistance Mark

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