polygon (MATIC) price managed to recover from long-term support and break above short-term resistance. This view contains details that will help it recover in the near future. So how possible is this?
MATIC Its price continues to trade in a range of $0.73 to $0.96 after being rejected by long-term resistance in early November 2023. During the week of January 22-28, 2024, the price managed to bounce from the support of the range and formed a bullish pin bar candle, indicating strong buying pressure at this support level.
The Weekly Relative Strength Index, or RSI, has been consistently above the 50 level for the past few weeks. This shows that the advantage is still with the bulls.
Therefore, it seems likely that Polygon price will rise to the resistance level of the range in the near future. This represents a potential increase of 21.25% from the current price.
The 4-hour chart shows MATIC breaking above a short-term resistance line and confirming it as support on January 24, 2024.
Although the price did not rise significantly following this development, it successfully held above the horizontal support at $0.76 and formed a higher low.
The 4-hour RSI broke above the short-term resistance line and broke above the 50 level, indicating that the bulls have regained control. Therefore, the 4-hour chart supports the bullish outlook on the weekly timeframe.
The most likely expectation is that Polygon price will continue to rise. The potential target for this move lies around $0.96. If the price falls below the range support at $0.73 on the weekly time frame, the chances of an uptrend will diminish.
