The Polygon (MATIC) price broke out from a 780-day descending resistance trend line but trades inside horizontal resistance.

MATIC has nearly reached its December 2023 high at $1.10. Will it break out and accelerate its increase?

Polygon Breaks Out from Long-Term Resistance

The weekly time frame technical analysis shows the MATIC price broke out from a 780-day descending resistance trend line two weeks ago. Before, the trend line had existed since the all-time high. Today, MATIC reached a high of $1.08, slightly below the December 2023 high.

It is worth mentioning that despite the breakout from the long-term trend line, MATIC still trades inside a long-term horizontal resistance area.

The weekly Relative Strength Index (RSI) supports the breakout. When evaluating market conditions, traders use the

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Author: Valdrin Tahiri

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