The Last Barrier: MATIC's Quest to Reach $1.50
Date: 2023-11-15 Author: Dima Zakharov Categories: IN WORLD
Breakthrough of Long-Term Resistance
During this period, the price has risen by 85%, reclaiming horizontal areas at $0.60 and $0.85. This upward movement followed the breakthrough of the long-term descending resistance line.
Weekly Relative Strength Index (RSI)
The weekly RSI is also on the rise, surpassing the neutral mark of 50, indicating a bullish trend.
Analyst Insights
Crypto Twitter analysts are optimistic about MATIC's future price dynamics. Crypto Faibik stated, "MATIC is on the verge of a massive bullish breakout from the triangle on long timeframes, so keep an eye on this."
Future Forecast
The weekly timeframe shows that since reaching its all-time high, the altcoin has been following along a descending resistance line for almost 700 days. Although MATIC briefly rose above it, closing above this trendline is still pending.
If this indeed occurs, the token could grow by 60%, reaching the next resistance level at $1.50 and possibly hitting the annual high of $1.56. Despite the bullish forecast, a rebound from the trendline might lead to a 15% price drop to the nearest long-term support at $0.75.
