Polygon Attempts Breakout Above Resistance, Analyst Shares The Possibility of MATIC Breaching $1

Polygon (MATIC), the popular Layer 2 scaling solution for Ethereum, is positioned at a critical technical juncture, according to crypto trader teshkid. MATIC is currently testing resistance at $0.78 and needs to break decisively above this level to confirm a bullish trend change.

Trading Channel Defines Price Action

MATIC has been range-bound between support at $0.75 and resistance at $0.9. This well-defined trading channel provides opportunities, but the overall chart remains bearish-to-neutral for now.

According to analysis by altFINS, a break above channel resistance at $1.00 is needed to “clear the way” for a potential rally back to $1.25. However, MATIC has already failed to overcome $1.00 on three separate occasions in recent weeks.

Oscillators Suggest Bottoming Process

Despite the neutral outlook, there are some positive divergences on momentum indicators that often precede trend changes.

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The key MACD and RSI oscillators recently made higher lows while MATIC put in a matching lower low, marking positive momentum divergence. This tentatively suggests downside momentum is fading.

If Bitcoin and altcoins can begin sustaining rallies above key technical levels, the tide may finally be turning after months of relentless declines. MATIC breaking above $1.00 would be one confirmation of this macro shift. Cryptocurrency investors seem unceasingly optimistic about signs of hope after enduring last year’s punishing collapse.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.