Polygon (MATIC) Could Surge to $2

Polygon's (MATIC) price has managed to break through long-term diagonal resistance and is now striving to push even higher. Currently trading at the upper boundary of its range, the asset is poised for a breakthrough attempt and consolidation beyond it.

Technical analysis of the weekly timeframe indicates a steady rise in MATIC's value since October 2023. Two weeks ago, an upward movement led to the breakthrough of a long-term descending resistance line, which had been in place since reaching its all-time high (ATH). Yesterday, the asset's price reached a local peak at $1.08.

While the weekly chart signals bullish momentum, the daily timeframe presents mixed signals due to price action, RSI, and wave analysis. Wave calculations suggest MATIC's price is in the third wave of a five-wave upward movement. A 1:1 ratio between the first and third waves could lead to a peak around $1.55. However, the daily RSI hints at a possible correction, having formed a bearish divergence.

The future trend of MATIC will depend on its reaction to the $1.05 level. A successful breakthrough could trigger an almost 50% increase to $1.55, while a rejection may lead to a 10% drop to the nearest support at $0.95.

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