Polygon (MATIC) Price Prediction: Can it Reclaim $0.60?
The Polygon (MATIC) price broke down from a short-term ascending parallel channel and rapidly approached its yearly lows. The weekly and daily timeframe analyses both indicate a bearish outlook, implying that further decline is anticipated prior to the eventual bullish trend reversal. Polygon Price Approaches Yearly Low The weekly timeframe technical analysis for MATIC gives a decisively bearish outlook. There are two main reasons for this. Firstly, the price broke down (red circle) from an ascending parallel channel in April. Before the breakdown, the channel had been in place since July 2022. Since channels usually contain corrective movements, the entire increase since July 2022 was corrective, and the trend is now bearish. This possibility was further strengthened by the MATIC price falling below the $0.80 horizontal area. It then validated it as resistance (red icon), creating a long upper wick, considered a sign of selling pressure. If the decrease continues, the MATIC price can fall to the $0.40 support area, a 30% decrease measuring from the current price. Grafik Mingguan MATIC/USDT. Sumber: TradingView Furthermore, the weekly Relative Strength Index (RSI) indicates a pessimistic outlook. The RSI, a tool traders use to assess whether a market is excessively bought or sold, aids in determining whether to buy or sell