The post Polygon (MATIC) Price Hits $1: Analysts Eye $2 Next appeared on BitcoinEthereumNews.com.

Polygon’s (MATIC) price broke out from a long-term descending resistance trend line that existed since the December 2021 all-time high. The price has also reached the top of a long-term horizontal range. Will it break out or get rejected? MATIC Breaks Out From Long-Term Resistance The weekly time frame technical analysis shows that MATIC has increased since June 2022. After creating a higher low in October 2023, it accelerated its rate of increase. Last week, the MATIC price broke out from a descending resistance trend line that had existed for nearly 800 days. More specifically, the trend line had been in place since the all-time high of December 2021. Previously, the MATIC price had made several unsuccessful breakout attempts (red icons). MATIC/USD Weekly Chart. Source: TradingView The weekly Relative Strength Index (RSI) gives a bullish sign. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator bounced at 50 while the price broke out, legitimizing the breakout. Read More: How to Buy Polygon (MATIC)  What Are Analysts Saying? Cryptocurrency traders and analysts on X positively view the future MATIC trend. CryptoBusy believes MATIC will increase to $3 because of a cup and handle pattern. MATIC/USDT Weekly Chart. Source: X NFT Cryptomaniac has the same belief. “Nothing new here! I’ll let you know if anything changes, otherwise you just close your eyes and open it at $1.80-$1.90-$2.00 depending on the fomo.” He stated Next, Don Of Charts suggested the MATIC price will reach the next resistance at $1 soon. Read More: How To Use the Polygon Bridge: A Step-by-Step Guide MATIC Price Prediction: Can Price Reach $2?…

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Filed under: News - @ February 20, 2024 2:22 pm