#PolygonMATIC #CryptoBreakout #BullishCycle #TechnicalAnalysis #RSIIndicator #PricePrediction #ElliottWave #CryptoMarket
The cryptocurrency landscape witnessed a significant development as Polygon (MATIC) price surged past a descending resistance trend line that had been in place for more than 780 days. This remarkable breakout has sparked interest and speculation within the crypto community, raising questions about the future trajectory of MATIC and whether this marks the beginning of a new bullish cycle. The breakout was highlighted on the weekly time frame, recording the highest weekly close since April 2023, which further fuels optimism regarding the asset’s potential for sustained growth.
Despite a slight pullback following the breakout, MATIC’s price action remained strong, retesting the broken trend line as support, a common response observed in markets post-breakout. However, the price has yet to overcome the main horizontal resistance level established back in July 2021, serving as both support and resistance over time.
The bullish sentiment is reinforced by the weekly Relative Strength Index (RSI) readings, which indicate a bullish trend with the RSI above 50 and rising. Moreover, technical analysis on the daily time frame, including the price action, Elliott Wave theory, and RSI readings, suggests a continued upward movement, potentially reaching $1.50.
This prediction is backed by the optimistic wave count hinting at an ongoing significant upward movement, placing MATIC in the third of a five-wave upward trend. Nevertheless, investors remain vigilant, as a daily close below $0.95 could suggest the peak is set, potentially leading to a 25% decline to the next support level at $0.74.
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