CDS Crypto News Assessing Polygon Road to Redemption: Could a 60% Increase Be on the Horizon?
Crypto News

Assessing Polygon Road to Redemption: Could a 60% Increase Be on the Horizon?

The price of Polygon (MATIC) is currently in a downtrend, with a long-term descending resistance line acting as a formidable barrier. Additionally, it has dipped beneath a critical horizontal support level.

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Assessing Polygon Road to Redemption Could a 60% Increase Be on the Horizon

Crypto News- Taking this action has the potential to trigger a substantial price upswing, whereas a rejection from this line could set the stage for a decline toward the nearest horizontal support zone. When analyzing MATIC in the daily timeframe, it becomes evident that the price has been tracing below a descending resistance line since February 28, a date coinciding with its yearly peak of $1.57.

Assessing Polygon Road to Redemption: Could a 60% Increase Be on the Horizon?

Throughout this downward trajectory, the price retreated from the $0.60 horizontal support region and later validated it as a resistance point on August 29 (indicated by a red marker).

Simultaneously, this validation marked the last contact with the descending resistance line, further underscoring the bearish trend. Since then, the price hasn’t revisited this trendline. In the event that MATIC manages to break free from this trendline, it could potentially see a 60% upswing, targeting the $0.85 horizontal resistance zone. Conversely, if it faces rejection once more, there may be a 35% downturn towards the nearest support level at $0.35 in the foreseeable future.

MATIC Price Forecast: Can a Near-Term Breakout Trigger an Upward Surge?

Taking a closer look at the six-hour timeframe suggests a probable breakthrough of the long-standing resistance line. This likelihood stems from the fact that the price has already breached a short-term descending wedge pattern, a bullish signal that could serve as a catalyst for breaking through the long-term resistance.

Assessing Polygon Road to Redemption Could a 60% Increase Be on the Horizon
Assessing Polygon Road to Redemption: Could a 60% Increase Be on the Horizon? 1

Adding to the optimism, the six-hour Relative Strength Index (RSI) is aligning with the upward price momentum and has recently crossed above the 50 level, further bolstering the case for a continued upward trajectory.

The primary hurdle remaining on the path to advancement is the minor resistance at $0.53. Once MATIC surpasses this level, it is poised to target the higher resistance zone around $0.85. Consequently, the prevailing MATIC price prediction leans towards a breakout from the resistance line, with a potential ascent towards $0.85. However, in the event of a rejection from the resistance line, a downside correction of approximately 35% towards the $0.35 horizontal support zone may be the anticipated price action.

Assessing Polygon Road to Redemption: Could a 60% Increase Be on the Horizon?
Sources:beincrypto

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