The polygon was unable to overcome the resistance represented by the 750-day descending line, despite many attempts. Wave analysis suggests two possible perspectives for the future MATIC trend.

In December 2021, MATIC reached its historic high of $2.90, after which it began to decline, following a downward resistance line. In June 2022, the price reached a low of $0.32 and began a gradual recovery.

Despite the price increase, the token has not been able to overcome this downward resistance line. Instead, Polygon bounced off it several times. The last attempts were seen in November and December 2023.

One of them stands out is an unsuccessful attempt to overcome, which two weeks ago led to the appearance of a bearish candle. At the moment, MATIC is trading below the descending resistance line, which has been in place for 750 days.

However, the relative strength index of the RSI shows bullish signs. It is above the 50 level and has formed a hidden bullish divergence, which may indicate a continuation of the upward trend.

The forecast for MATIC depends on whether the price can continue to grow.

The daily timeframe provides multidirectional signals and does not give a definite answer to the question of whether the trend is bullish or bearish. Instead, he presents two possible scenarios for the MATIC movement based on Elliott's analysis.

The first scenario assumes that Polygon has completed the correction structure A-B-C, which is limited by an ascending parallel channel.

If this is true, then the rebound that occurred on January 8 may indicate the completion of the correction and the beginning of the fifth wave. In this case, MATIC can rise by almost 40% to the channel's trendline resistance, which is at $1.18.

The second scenario assumes that the five-wave upward movement is completed, and the fourth wave was represented by a symmetrical triangle.

Therefore, the current price is inside the C correction wave, which may lead to a 22% decrease to the nearest support level of $0.65.

So, the forecast depends on whether the price can overcome the downward resistance line and continue to grow, or whether it will be in a bearish trend, returning to the support level. Depending on this, we can expect either a 40% increase or a 22% decrease.