The post Polygon (MATIC) Price Struggles at Resistance: Correction Next? appeared on BitcoinEthereumNews.com.

The Polygon (MATIC) price failed to break out from a long-term descending resistance trend line last week. While the MATIC price created a lower high, it trades above its main horizontal support area. Will it bounce or break down? MATIC Makes Another Breakout Attempt The weekly timeframe technical analysis shows that the MATIC price has decreased under a descending resistance trend line since its all-time high in December 2021. The decrease led to a low of $0.32 in June 2022. The MATIC price began an upward movement afterward. Until now, it has made three unsuccessful breakout attempts (red icons), the most recent last week. So far, the long-term trend line has been in place for 720 days. MATIC/USDT Weekly Chart. Source: TradingView The Relative Strength Index (RSI) is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset. Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. The RSI is increasing and is above 50, both bullish signs. What Are Analysts Saying? Cryptocurrency traders and analysts on X have mostly positive views on the future trend. Buy Dip Crypto suggests that the price will likely go on a parabolic run only once the long-term resistance trend line is broken. MATIC/USDT Weekly Chart. Source: X Masha is bullish for fundamental reasons. She is impressed by stakers conviction since the total amount of MATIC staked is increasing despite a price drop. She tweeted: Initially, from Q1, both the token price and network stake exhibit a positive trend, indicating a thriving ecosystem, where both the market value and the level of participation are on the rise. However, a shift occurs by Q3, where the token’s price decline surprisingly fuels staking…

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Filed under: News - @ December 14, 2023 12:20 am