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The technical analysis shows that MATIC can go up if it can break the current resistance level of the descending channel. The upper trend shown in the 4H price chart of MATIC is the resistance level of the token.
Currently, Polygon (MATIC) is holding the 21st rank in the crypto market based on the market cap. The 24h trading volume of MATIC is 941 million dollars which is down by a significant number of 41%. The market cap of MATIC is $11,616,531,926, which is also down by 2%. MATIC is trading on a $1.70 price down from $1.745 a day before. There are minor chances that MATIC can go up if it breaks the resistance level of descending channel.
MATIC can go up:
In the 4H time frame, MATIC is in descending channel from November 3, 2021, by forming lower lows and lower highs. Currently, the price is moving between two downward sloping parallel channel by forming lower lows and lower highs. MATIC can go up if it breaks the upper trendline (working as resistance here) of the descending channel. MATIC is in a bearish trend despite the fact that BTC made a new ATH. But, the fall of BTC below $63k has affected MATIC a lot.
MATIC has strong resistance levels at $1.7222 and $1.797. If we can break this resistance level then we might expect the price bull run towards $2.15. DYOR.
