Polygon (MATIC) looks set to bounce back and head over towards all-time highs before the year ends. The coin has endured a lot of headwinds for the best part of December. It’s been a downward spiral since the month started but things are now changing. At the time of publishing this post, the coin was trading at $2.16. No doubt this is a bit lower than the resistance level. But it’s still a mere 25% away from 2021’s all-time highs. Here are some other positive notes.
Most of the technical indicators are looking good.
Short- and long-term moving averages are pointing upwards.
The RSI, a technical indicator used to gauge momentum, is also positive.
Data Source: TradingView.com
Polygon (MATIC) Trading Above Ascending Support Line
Despite the red days in December, Polygon (MATIC) has shown incredible resilience. Right now, the coin is trading well above its ascending support line. The support line has actually been in place for quite some time, late July to be precise. Over the last three days, Polygon (MATIC) has seen steady gains. Although we still see a lot of resistance around $2.26, we still think the coin will break out by year-end. In fact, in the recent rally, Polygon (MATIC) was able to reach $2.57, very close to its all-time high of $2.7.
Is a Break Out Feasible This Year?
Sentiment on Polygon (MATIC) is bullish right now. The coin is expected to break the $2.26 resistance this year. This could trigger a broad-based rally that could push the price to new heights.
Besides, even if Polygon (MATIC) does not manage to hit all-time highs by year-end, it could easily trade well above the resistance line in the coming days. Once Polygon (MATIC) breaks above $2.28, the next resistance level will be somewhere between $3.25 and $3.96, a figure well over this year’s highs.