Polygon’s MATIC Only 25% Low From another ATH

• MATIC price follows a long-term rising support line at the moment.
• The alt’s resistance stands at $2.25, then $2.43.
• Polygon overpowered a descending resistance line with a breakout.

Polygon (MATIC) saw its price increase within the last 72 hours. For now, the altcoin has a crucial resistance area at $2.26. Breaking past this area will mean a hurdle-free ride towards new ATH price levels.

MATIC remained on downside trends since 8 December, when Polygon explored the highs of $2.58. That was an inch away from the record peak of $2.70. The resulting rejection validated the $2.43 mark as a resistance.

MATIC still trades beyond ascending support that persisted since July despite the drop. Meanwhile, the resultant bounce took Polygon to $2.16. This level puts MATIC 25% beneath its current ATH. Furthermore, the altcoin’s technical indicators are somehow bullish.

The MACD, formed by the near-term and long-term MAs, remained upward and positive. That shows the long-term moving average is slower than the short-term one. The Relative Strength Index, a momentum indicator, increases beyond 50, supporting bullish trends.

If Polygon manages to crack the resistance area at $2.43, the next hurdles will emerge at $3.26 and $3.97. They are 1.27 and 1.61 Fibonacci resistance areas, respectively. Keep in mind that these external areas determine the following resistance when the price touches another ATH. @PostyXBT, a crypto trader, tweeted a Polygon chart, showing the alt increases alongside a rising support line.

Near-term Movement

According to the 6hr chart, MATIC faces a critical obstacle at $2.26, formed by 0.618 Fibonacci retracements and the horizontal level. Remember, 0.618 Fibonacci level mostly reject the asset following a significant bounce.

The RSI and MACD remain bullish in the near term, confirming the possible breakout by MATIC. The latter moved to positive while the former crossed beyond 50.

MATIC/BTC

Also, the MATIC/BTC price chart depicts bullishness. On 23 October, Polygon broke from a descending resistance level. That area has been in place since ATHs of May. The alt has been surging since then. Moreover, MATIC regained the 4,000 SAT zone on 3 December. If it continues to rise, it will encounter the next resistance at 5,800 SAT.