The Polygon (MATIC) price has traded above a long-term horizontal support area since breaking out in November 2023.
MATIC also broke out from a short-term descending resistance trend line but failed to clear a Fib resistance level.
Polygon Consolidates Above Support
The weekly time frame chart shows that MATIC has increased since October 2023. The price broke out from a horizontal resistance area the next month, culminating with a new yearly high of $1.09 in December.
The weekly Relative Strength Index (RSI) gives a bullish reading since it is above 50 (green circle). Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
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