Since breaking out of a rising wedge pattern last week, Polygon (MATIC) has been moving higher.
MATIC has increased over the course of all time frames examined by CoinMarketCap, with the monthly time frame showing the largest increase (41.9%).
The cryptocurrency was able to mount a respectable rally, rising 13% over the previous seven days. However, there is a great deal of ground to cover.
The token’s opening price of $1.30, which is below its current trading price of $1.05, shows that it was rejected outright at that price.
Bulls face a significant risk as a result of the MATIC token’s Stoch RSI values recently trending downward from the overbought side.
The token, which began its ascent in late October, is now in its correction phase following a protracted wick rejection at the $1.3075 price level.