The Polygon (MATIC) price momentum registered a positive shift over the last 24 hours. The altcoin gained close to 3%. Meanwhile, on the weekly chart, MATIC is yet to recover from its losses. The technical outlook depicted positive price action; however, the coin is still not out of the woods.
MATIC has to break past the immediate resistance zone and trade above the $1.30 mark for a significant period of time. The coin also formed a head and shoulder pattern, often connected to a downtrend.
In the shorter time frame, MATIC might act bullish before it again starts to drop its value. The $1.30 mark remains crucial for the coin, as the bulls have barely traded above that mark. Before the coin gets to the $1 mark, the technical outlook forecasts another drop for the coin. This fall could bring the MATIC price to $0.70. The coin traded at a 68% discount to its all-time high in 2021.
MATIC Price Analysis: One-Day Chart
MATIC was priced at $0.90 on the one-day chart | Source: matic price battles under despite bullish signals
