polygon (MATIC) price seems to match the “downtrend line” from November. MATIC price is also starting to see “bullish signals” as three rising indicators supporting the uptrend. MATIC, which is falling before the rise, may be offering a good buying opportunity. Correction on MATIC aims to see $3.0 levels with 100% upside potential.
Polygon (MATIC) price is experiencing limited pressure from the upper bound, with a “purple descending” trendline observed throughout November. The relative strength index (RSI) in price is still quite high, with the bulls seeming to use the dips and corrections as a chance to average for longer periods in the MATIC price action. Even if the current support fails, the bulls seem comfortable enough to use the other two uptrends supporting the other corners.
According to the current chart, there seems to be no reason for the uptrend in MATIC price to end. Corrected on the downside, MATIC price made a fresh low around $1.51 for the month of November. The bulls continued to buy resells, raising the buy-side volume rather than fearing declines.
Even though the price has seen a bottom for the past six months, it still has a pretty high RSI. This indicates that the bulls are quite ready and bought the MATIC around the 55-day simple moving average (SMA). If that doesn’t work, the bulls also have the 200-day SMA. The bulls also seem to have support between $1.30 and $1.25 per month at the moment.
While the presence of the bulls is increasing day by day, it would be better to expect a breakout in the near future with the break of the red descending trend line, which will destroy a lot of bears in the process first. Following this resistance, MATIC bulls will face the $2.1 to $2.5 level. This resistance is definitely in line with the monthly R1 resistance level and will be a very difficult level to break. If the bulls break this resistance, MATIC price could rise 100% and break above the $3 level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.