$Polygon price has been consolidating inside a range for nearly two years without a directional bias. With the current market outlook, MATIC could drop lower, allowing long-term investors to accumulate before rallying higher.
Polygon $MATIC price is hovering around $0.941 for nearly two years. This level is the midpoint of the $0.315 to $1.568 range. While $MATIC might seem to be bouncing off the aforementioned level, it is ikely to drop below $0.906 and potentially retest the $0.762 barrier.
This move would allow the Relative Strength Index (RSI) to reset at the 50 mean level and allow long-term holders to accumulate MATIC at a discount. This spike in buying pressure would propel the Layer 2 token to attempt a retest of the range high at $1.568. In total, this move would constitute a 104% gain from $0.762
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