Polygon (MATIC) Road to Recovery: Is a Potential 60% Gain Ahead?

BeInCrypto
BeInCrypto

18 Sep 2023 11:30 AM

The Polygon (MATIC) price analysis shows a breakout attempt from a descending resistance line. This could accelerate the increase....

  • The Polygon (MATIC) price is attempting to break out from a long-term descending resistance line.
  • If the breakout is successful, the price could increase by 60% and reach the $0.85 horizontal resistance area.
  • However, if the price gets rejected again, a 35% drop to the closest support at $0.35 is likely.
  • The daily Relative Strength Index (RSI) shows signs of a potential bullish trend reversal, with bullish divergence indicating a breakout from the resistance line.
  • The shorter-term six-hour timeframe also suggests a successful breakout from the resistance line, supported by the upward movement of the RSI.
  • The main obstacle is the minor resistance at $0.53, but once cleared, the price is expected to increase towards $0.85.

The article provides a mixed sentiment analysis. It highlights the potential for a significant price increase if the breakout from the resistance line is successful. However, it also mentions the possibility of a drop if the price gets rejected again.

Go to publisher site

You May Ask

What is the potential price increase if the breakout from the resistance line is successful?What is the closest support area if the price gets rejected from the resistance line?What does the daily Relative Strength Index (RSI) indicate?What is the main obstacle for the price to clear before increasing towards $0.85?What is the shorter-term timeframe that suggests a successful breakout from the resistance line?

Suggested Reads