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