Polygon price has been rising over the past five weeks, almost reaching $1 today. MATIC reached the 700-day descending resistance line. Should we wait for a breakthrough?
MATIC broke through long-term resistance
The weekly technical timeframe shows that MATIC is in the process of forming its fifth consecutive bullish weekly candle.
During this time, the price increased by 85% and regained the horizontal areas of $0.60 and $0.85. The entire upward movement of the token was preceded by a breakout of the long-term downward resistance line.
The weekly relative strength index (RSI) is also on the rise. This momentum indicator has crossed the neutral level of 50, indicating a bullish trend.
Source: TradingView
A recent post from the Game7 DAO team noted that the Polygon ecosystem is the platform for over 250 Web3 games. This makes it a leader among all other ecosystems. The second and third places are occupied by the BNB and Ethereum projects, respectively.
Read also: Polygon (POL) contracts deployed on the Ethereum network
What analysts say
Crypto Twitter analysts give a bullish forecast for the future price dynamics of MATIC.
Thus, Crypto Faibik stated:
“MATIC is on the verge of a massive bullish breakout from the triangle on longer timeframes, so keep an eye on it.”
Weekly chart MATIC/USDT. Source: X
In the chart he shows, the price is approaching the resistance trend line of the long-term triangle.
JavonTM1 is also bullish on the future performance of MATIC, mainly due to the lack of significant resistance levels above the current price.
MATIC Forecast: Could Growth Go Parabolic?
The weekly timeframe shows that since reaching the all-time high, the altcoin has been following a descending resistance line. By now, this trend line is almost 700 days old.
Although MATIC briefly rose above it, it has yet to close above this trend line. As noted earlier, the weekly RSI is bullish, which supports the possibility of a bullish breakout.
If this does happen, the token could surge 60%, hitting the next resistance at $1.50 and possibly reaching a yearly high of $1.56.
Source: TradingView
Despite the bullish outlook, a bounce of MATIC from the trend line could cause the price to fall 15% towards the nearest long-term support at $0.75.