MATIC was able to bounce back from double bottom at $ 1.75. It immediately rose even above the last local maximum. However, the market price is at long-term flag resistance, which has been in force since the end of July 2021. Volumes continue to grow. Will the price overcome the resistance of the long-term flag?
MATIC has one of the best performances in the recent period, despite a correction in the entire market. The market price managed to exceed the last maximum and reached the target of $ 2.40. We are tracking another target at $ 2.65. The price is likely to attack the new ATH. If it definitely gets above $ 2.40, it will overcome the resistance of the long-term flag.
MATIC / USD 4H. Source: TradingViewMATIC can terminate a 5-month pattern
The flag, in which the award has been around for almost half a year, is in terms of technical analysis bear pattern. But the pattern is shallow enough to be close with a bull leg. After breaking resistance, the game also tests back resistance as a new support.
Already this week, it will be decided whether MATIC will definitively end this flag. It should be accompanied by volumes, which is still the case. RSI indicated a positive divergence in the double day, but more importantly, it is currently not in the overbought phase and also in the short term there is therefore room for price growth.
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