MATIC's Future: Bullish or Bearish?

After hitting all-time highs in December 2021, MATIC experienced a significant decline, falling to $0.32 in June 2022. However, prices have been trending upward since that low.Despite these positive moves, the cryptocurrency is still struggling with a descending resistance trendline that has been in place for over 750 days. Notably, this trendline has been a huge obstacle, rejecting MATIC's breakout attempts, including the most recent breakout attempts in November and December 2023 (highlighted by the red icon).A major setback for MATIC was a failed breakout attempt that ended with a bearish engulfing candlestick two weeks ago. As it stands, MATIC is currently trading below a long-standing descending resistance trendline.Bullish counts indicate that MATIC has completed an ABC correction structure (shown in white) bounded within an ascending parallel channel. If this tally holds, the January 8 rally (shown in green) marked the end of the correction and marked the beginning of wave five (highlighted in black).In this optimistic scenario, the coin could rise by almost 40%, approaching the channel resistance trendline ($1.18).On the other hand, the bearish count indicates that the five-wave uptrend has ended, with the fourth wave forming a symmetrical triangle. According to this interpretation, MATIC is currently in wave C of the correction, which could trigger a 22% retracement to the nearest support at $0.65.The direction of MATIC price depends on its ability to break out of the channel. A bullish escape could result in a 40% gain, while a bearish slide could result in a 22% decline. With the cryptocurrency community watching closely, MATIC’s next moves will be critical to its market’s short-term fortunes.If you like spot goods and want to invest in the bull market together, click on the avatar, follow me, face the fans, share my bull market strategy layout for free, and become a free blogger, just to increase your followers.

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