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.

While last week’s candlestick was bearish (red icon), MATIC had previously created four bullish candlesticks leading to the high.

Additionally, the upward movement took MATIC above the $0.85 horizontal resistance area. The MATIC price did not reach $1, has fallen slightly since, and now trades inside this area.

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Author: Valdrin Tahiri

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