CDS Crypto News Uptrend on Hold: MATIC Price Faces Key Level Barrier for Breakout
Crypto News

Uptrend on Hold: MATIC Price Faces Key Level Barrier for Breakout

For over 700 days, the price of Polygon (MATIC) has been navigating beneath a persistent descending resistance trend line, experiencing a continuous downtrend.

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Uptrend on Hold MATIC Price Faces Key Level Barrier for Breakout

Crypto News- Over the past 707 days, MATIC has been entrenched in a weekly downtrend, marked by a persistent descending resistance trend line since its peak in December 2021.

A recent setback (highlighted in red) occurred three weeks ago, guiding MATIC to a critical horizontal zone that has alternated between support and resistance since April 2022. Traders commonly turn to the Relative Strength Index (RSI) for insights into market momentum, helping them navigate between overbought and oversold conditions.

Uptrend on Hold: MATIC Price Faces Key Level Barrier for Breakout

An RSI above 50 trending upwards signals a favorable stance for bulls, while values below 50 indicate the opposite. The weekly RSI is showing an upward trajectory and is positioned above 50, indicating both upward momentum and a bullish trend. It’s noteworthy that Robinhood has initiated crypto trading in Europe, featuring Polygon among the 26 cryptocurrencies available for trade.

Analyst Perspectives Diverge

Cryptocurrency traders and analysts on X present conflicting views on MATIC’s future trajectory. CryptoPoseidon takes a bearish stance, citing resistance as a crucial factor. He has shared a potential short setup for the upcoming MATIC price movement.

On the flip side, CryptoOnline expresses bullish sentiment but harbors doubts about the completion of the short-term correction. He tweeted about the need to observe 5 waves off the September lows to confirm a bullish trend, emphasizing $0.64 as a critical support level.

MATIC Price Outlook: Breakout or Breakdown?

The daily time frame provides mixed signals but leans towards a bullish outlook, attributed to price action and RSI dynamics. MATIC demonstrated a breakout from a descending resistance trend line on October 22, culminating in a peak of $0.98 by November 14.

However, the subsequent inability to sustain this increase, slipping below the $0.85 area shortly after, hints at a potential deviation (highlighted in red). Nevertheless, MATIC has regrouped and is making another attempt to breach the $0.85 resistance area. This effort is backed by the daily RSI, which rebounded at 50 (depicted in green) and is on the rise.

Uptrend on Hold: MATIC Price Faces Key Level Barrier for Breakout

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