Can MATIC’s Price on Polygon Experience a Rebound?

The native token of the Polygon network, Polygon (MATIC), has fallen since February and has reached the support line of a long-term pattern, which has contained the price movement since June 2022. The price mustn’t break down for the long-term upward movement to remain intact. However, a bearish outlook emerges for MATIC as technical analysis from the long-term weekly time frame indicates it is trading inside an ascending parallel channel, considered a bearish pattern. In addition to this, the weekly Relative Strength Index (RSI) gives a bearish reading, breaking down from its trendline and decreasing below 50. A breakdown from the descending support line of the channel would support continuing decrease towards $0.43.
Moreover, the daily time frame outlook reveals that the MATIC price broke down from a shorter-term ascending support line and fell below the $1.04 horizontal support area, legitimizing the breakdown and proving it to be a strong bearish sign. The signs from both the weekly and daily time frames support a continuing decrease towards $0.43. However, reclaiming the $1.04 area at least signals a short-term increase, which could mean movement to $1.20. Individuals should conduct their own research and consult with a professional before making any financial decisions.