The Polygon (MATIC) price created a bearish candlestick last week, validating the $0.60 horizontal area as resistance.

The price also rose from a shorter-term descending resistance trendline on September 29.

MATIC Falls Below Long-Term Resistance

The technical analysis from the weekly timeframe shows that the MATIC price has broken down from the $0.60 horizontal area. The area had previously supported since July 2022 until the cryptocurrency broke down in August 2023.

Two weeks ago, the MATIC price began a significant bounce. However, it was rejected by the $0.60 area last week (red icon), creating a bearish candlestick and confirming the area as resistance. The decrease has been ongoing this week.

Despite this bearish reading, it is worth mentioning that Google Cloud is now an official validator of the Polygon Network after staking more than 10,000 MATIC.

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Author: Valdrin Tahiri

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