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MATIC Breaks Out of Bullish Falling Wedge, Potential For Price Surge

Polygon (MATIC) opened the week at $0.8 and fluctuated in the red zone during the first three days.

Matic logo
Matic logo

However, the token gained momentum during the second half of the week and spiked from $0.8031 to $0.8061.

MATIC traded in a bullish falling wedge in early November but broke out in late November. The bears tried to keep the bulls from pushing the price higher, but the bulls fought to keep the price from falling below support 1.

MATIC broke out of the 200-day MA for the first time in 2023 on January 9th. If the bulls push harder, MATIC could reach resistance 1 (≈$0.95) and possibly resistance 2 (≈$1.1). However, the token has touched the upper Bollinger band, indicating a potential market correction.

MATIC has yet to enter the overbought region despite reaching the upper Bollinger band. The RSI is at 67.75 and is tilting downwards, indicating that MATIC may still see a price surge. However, if the bears take over, the token may fall below the 200-day MA and hit support 1.