The Polygon ( MATIC ) price moved above $1 today. It is in the process of breaking out from a 730-day descending resistance trend line, which has been in place since the all-time high.
Despite the breakout, MATIC is still below its yearly high of $1.57. Can it reach a new one before the end of the year?
Polygon Finally Breaks Out
The MATIC price had fallen under a long-term descending resistance trend line since the all-time high of $2.90 in December 2021. The decrease led to a low of $0.32 in June.
After beginning an upward movement, MATIC made another attempt at breaking out in February 2023 (red icon) but was unsuccessful. Two more unsuccessful breakout attempts followed in November and December before the price finally broke out this week.
Today’s high of $1.07 is the highest since April. It is worth mentioning that MATIC has not reached a weekly close above the resistance trend line yet.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The weekly RSI is increasing and above 50, both signs of a bullish trend.
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