Polygon price up 175% from June low, bucking market trend

Polygon (MATIC) price is trading above the long-term $0.80 horizontal support area. However, the lack of conviction from the price action and RSI means that the future direction of movement is unclear.

matic value fell down Since reaching the all-time high of $2.92 in December 2021, below a descending resistance line. The decline reached the June 2022 low of $0.31.

Later, the price started an upward movement and broke above the resistance line in July. Doing so also reclaimed the $0.80 horizontal support area. This is an important zone, as it has been since May 2021, except for the May to July divergence (red circle).

Polygon price validated the line/area as support in August (green icon) and has been trending upward ever since. It returned to the $0.80 zone once again in November. The weekly RSI is inconclusive as it is trading right at 50.

Therefore, a break below the $0.80 support area would have many bearish implications as it would cause the RSI to break below 50.

Polygon Price Prediction: Bullish and Bearish Counts in Play

The two possible counts are still valid.

The bullish count shows that the price of Polygon started a bullish reversal on June 18. Later, it completed an erratic flat correction between August 14 and November 9 (highlight).

If so, then MATIC token price will continue to move towards new highs. Despite a slight decrease in the last 24 hours, the count is still valid. However, a drop below $0.76 would invalidate it (red line),

The bearish count indicates that MATIC has completed the ABC corrective structure. It had a waveform A:C ratio of slightly less than 1:1. If true, this would mean that the price will hit a new yearly low. The count will be invalidated with a rise above Wave C at $1.30 (red line).

Similar to the weekly time frame, the RSI is on the 50 line, indicating an undecided trend. As a result, the direction of future movement still needs to be determined.

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