The Polygon (MATIC) price has fallen below the support line of a long-term structure, an indication that the previous upward trend may have ended. Technical analysis of the long-term weekly time frame agrees and reveals a bearish outlook for MATIC. The price is breaking down from an ascending parallel channel, which is a bearish sign, and other indicators such as the weekly Relative Strength Index (RSI) are also bearish. In addition, the daily chart has created a bearish descending triangle pattern, which suggests the price may drop further to support at $0.76.

The Resistance level is at the channel’s midline at $1.40. This indicates that if the price breaks the descending resistance line and reclaims the channel’s support line, the trend would turn bullish and the price could move up toward $1.40.

The daily Relative Strength Index (RSI) supports the prospect of further losses, as readings below 50 are often followed by further price decreases. Further, the closing price of the day could reach the lowest point since Jan. 16 if the price does not bounce today.

In conclusion, the long-term outlook for MATIC is bearish, and a decrease may be expected in the short-and long-term. But if the price breaks the descending resistance line and reclaims the channel’s support line, the trend will turn bullish and the price may move up toward $1.40.



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