Polygon (MATIC) price broke out from both long- and short-term bearish structures. As a result, a considerable upward movement is expected.
The MATIC price has decreased since reaching an all-time high of $2.92 in Dec. 2021. The downward movement led to a low of $0.31 on June 13.
Afterward, MATIC reversed, broke out from the line in July and reached a high of $1.05.
While the Polygon price has been falling, there is a strong bullish sign given by the weekly RSI. The indicator has broken out from its bearish divergence trend line (green) and is now in the process of moving above 50.
Combined with the breakout from the long-term descending resistance line, this RSI movement confirms the bullish reversal.
The next closest resistance area is at $1.32, created by both the 0.382 Fib retracement resistance level and a horizontal resistance area. It is likely to provide resistance to the future price.
