MATIC Tries Again for a Breakout
The MATIC price has dropped beneath a descending resistance trend line since its all-time high in December 2021, according to the technical analysis conducted on a weekly timeframe. June 2022 saw a low of $0.32 as a result of the decline.
Then, the price of MATIC started to rise. It has attempted three unsuccessful breakouts so far (red icons), the most recent one occurring last week. The long-term trend line has been in existence for 720 days at this point.
A momentum indicator used by traders to determine whether a market is overbought or oversold and whether to buy or sell an asset is the Relative Strength Index (RSI). Bulls may still be in the lead, according to readings above 50 and an upward trend; readings below 50, on the other hand, suggest otherwise.
The RSI is above 50 and rising, both of which are bullish indicators.
How Do Analysts Put It?
The majority of cryptocurrency analysts and traders on X are optimistic about the direction of the market.
According to Buy Dip Crypto, a parabolic run in price is most likely to occur only after the long-term resistance trend line is broken.
MATIC Price Forecast: Uptrend or Downtrend?
The daily time frame still indicates a bearish outlook, even though the weekly readings are leaning bullish. The price movement and the RSI readings are to blame for this.
The price action indicates that, after appearing to break out above the $0.85 horizontal area, MATIC has now returned to it. There have only been two deviations over this threshold thus far.
The latest highs also included a bearish divergence in the daily RSI. Bearish trend reversals are frequently preceded by this indicator.
It is likely that the MATIC price will drop 13% to the $0.74 horizontal support area if it closes below $0.85.
