- Polygon faces strong resistance as MATIC struggles to break its descending trendline despite a 4.55% weekly gain.
- TD Sequential hints at a reversal, flashing a red “9” count, signaling possible trend exhaustion and a short-term bounce.
- A breakout or breakdown looms, with $0.30 acting as key support—holding it may fuel recovery, while failure could lead to lower.
As per Crypto Analyst Ali, Polygon (MATIC) is trading within a descending triangle pattern, signaling a critical moment for its price action. The TD Sequential indicator has flashed a buy signal on the weekly chart, indicating a potential rebound. The price recently touched the key support zone around $0.30 before recovering to $0.31823, marking a 4.55% weekly gain.
Polygon’s Price Struggles at Resistance
The market trend remains bearish with MATIC lower highs since its peak in 2021. The descending trendline acts as a strong resistance, consistently rejecting upward movements. Despite multiple attempts, the price has failed to break above this level.
Besides, historical resistance levels marked by dotted black lines highlight areas where the price previously struggled. These levels will play a crucial role in determining MATIC’s next move. However, the recent interaction with support suggests that the market could be approaching a pivotal moment.
Source: Ali
TD Sequential Signals Reversal Opportunity
Notably, the TD Sequential indicator has presented a red “9” count, a signal often linked to trend exhaustion. Historically, similar occurrences have led to both reversals and continuations, depending on broader market conditions. The latest price action suggests a possible short-term bounce toward resistance.
Moreover, a break above the descending trendline could indicate a shift in momentum. If this happens, MATIC might attempt a broader recovery. However, failure to sustain above the current support zone could lead to further downside movement. A breakdown below $0.30 could drive the price to lower levels.
Additionally, the structure reveals a projected path, hinting at an upcoming test of resistance. Investors will closely monitor whether MATIC can sustain its recent upward move. The bearish trend remains intact, but indicators suggest a possible shift in market sentiment. Ali_charts emphasizes that MATIC’s next move depends on its ability to hold the above support. The descending triangle pattern remains a critical factor in defining its price action.
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