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MATIC analysis – 40% in just two days! Can the price break through 5-month resistance?

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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 4HMATIC / USD 4H. Source: TradingView

MATIC 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.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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