The Polygon (MATIC) price nearly reached a high of $1 last week but was rejected on November 14.
MATIC was rejected by a long-term descending resistance trend line in place for nearly 700 days. Will the price finally move above it?
MATIC Trades Inside Long-Term Resistance
The technical analysis from the weekly time frame shows that the MATIC price has increased since breaking out from a descending resistance trend line in September. The rate of increase accelerated in October, leading to a high of $0.98 last week.
Nevertheless, as outlined previously, the weekly RSI is bullish, supporting the possibility of an increase. Furthermore, the MATIC price has moved above the long-term horizontal resistance area at $0.75, now likely to provide support.
If MATIC breaks out, it can increase by 70% to the next horizontal resistance at $1.50.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.