The Polygon (MATIC) price is trading at a crucial level. The reaction to it could determine if the future long-term trend is bullish or bearish.
The Polygon network is a Layer 2 scaling solution for the Ethereum blockchain. Its native token is MATIC. The MATIC price has increased since creating a bullish hammer candlestick on March 10.
The increase led to a reclaim of the 0.618 Fib retracement support level of $1.07 and a high of $1.25 on March 18. While the price has fallen to the $1.07 support area again, the decrease may be just a retest of the area after the breakout.
The daily RSI is at 50, providing a neutral trend. Therefore, whether the price bounces in the area, creating a higher low or breaks down could determine the future trend’s direction. A breakdown would likely catalyze a fall to $0.93, while the creation of a higher low would mean that the rally is likely to continue toward the $1.57 yearly high.
Is Polygon (MATIC) Price Relief Rally Over?
The technical analysis from the daily time frame shows that the entire 394% MATIC token price increase since June 2022 was contained inside an ascending parallel channel. Since channels usually contain corrective structure, the entire increase may have been an
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Author: Valdrin Tahiri
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