The Polygon (MATIC) price broke out from a long-term diagonal resistance and is attempting to move above another one.
In the short term, MATIC is trading at the higher end of its range, raising the question of whether it will successfully break out or face rejection.
Polygon Price Clears Long-Term Resistance
The weekly time frame movement shows that MATIC has increased since October 2023. Two weeks ago, the upward movement triggered a breakout from a long-term descending resistance line that had existed since the all-time high. At the time of the breakout, the trend line had been in place for 780 days.
Today, the MATIC price reached a high of $1.08 and is moving above a long-term horizontal resistance area.
The weekly Relative Strength Index (RSI) supports the price increase. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sel
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Author: Valdrin Tahiri
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