Will Polygon (MATIC) Hit $1 Post Upgrade? Experts Weigh In

Polygon (MATIC) experienced a price surge following a recent upgrade in transaction fee calculations, but challenges persist within a bearish pattern lasting nearly 60 days.

Long-Term Resistance Struggle

Price Decline and Bearish Trend

Since its December 2021 all-time high, MATIC faced a continuous decline below a descending resistance trend line. Despite attempts to break out, the bearish trend endured, with a low of $0.32 in June.

Illegitimate Breakout

A December breakout proved short-lived, as MATIC formed a bearish candlestick, falling below the trend line again after three unsuccessful attempts.

Technical Analysis and Future Outlook

Weekly RSI Trends

The weekly RSI, above 50 but falling, indicates an undetermined trend, leaving traders cautious about future price movements.

Analysts' Bullish Perspective

Despite challenges, traders and analysts anticipate a positive MATIC price trend on X, with Captain Faibik suggesting a potential 600% rally upon a breakout.

Recent Upgrade and Its Impact

Polygon zkEVM Upgrade

The Polygon team's recent upgrade on transaction fee calculations aims to provide users with more accurate fees based on execution volume and data availability.

Assessing Yesterday's Bounce

Daily Time Frame Analysis

Since November 2023, MATIC traded within an ascending parallel channel, considered a bearish pattern. A recent bounce saved it from a potential breakdown.

Price Prediction Uncertainty

Daily RSI at 50 leaves the MATIC price prediction uncertain. The possibility of a breakdown or a continued bounce will shape the future price movement.

Potential Scenarios

Support and Resistance Levels

A breakdown from the channel may lead to a 19% decrease to $0.65, while a strong bounce could propel a 40% upward movement to the resistance trend line at $1.16.

In the dynamic crypto landscape, MATIC's journey remains uncertain, with technical signals pointing towards cautious optimism for potential investors.