Polygon MATIC price is now on its sixth test of the lower rising wedge trendline pattern since October 1. All previous attempts to push MATIC price to a close below the rising wedge have failed.

Matic Failure to hold inside the rising wedge

Polygon MATIC price has not been kind to bulls since reaching a new all-time high in the last week of December. As a result, MATIC price is down more than 16% for the week and more than 30% from its recent all-time high. Moreover, the weekly Ichimoku price chart warns that further downside pressure is probable.

 A close at or below price of $2.05 on the weekly chart would position Polygon MATIC price below the weekly Tenkan-Sen and the lower trendline pattern of the rising wedge. That event could trigger enough selling pressure to push MATIC price to the next support zone within the Ichimoku Kinko Hyo system, the Kijun-Sen chart at $0.180.

The oscillators support level a move south. The Composite Index has crossed below its fast-moving average and is at a rising slope that suggests it could dip below its slow-moving average as well—considering that the Relative Strength Index RSI is not at an oversold level, the likelihood of a drop increases.

However, there is some evidence on the daily Ichimoku chart pattern that could mitigate and even invalidate the bearish price outlook on the weekly chart.

The daily chart pattern shows that MATIC price is at a strong confluence zone level of support with the lower trendline pattern of the rising wedge and the Cloud. Additionally, the Relative Strength Index RSI is on top of the last oversold level in a bull market (40), while the Optex Bands oscillator hits oversold conditions. Therefore, a Matic marked bull return higher is very probable.

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