Polygon (MATIC) price is getting ready to exceed $1!

Polygon (MATIC) price rallied by breaking the 140-day resistance line, but it did not follow up with a significant bullish move.
Long-term and short-term readings are not compatible with each other. The daily time frame shows a clear breakout, while the short-term outlook shows a breakout instead.
Polygon price broke out of 140-day resistance
The daily timeframe technical analysis for Polygon gives a bullish outlook. The main reason for this is that the price broke out of the 140-day falling resistance line.
Breakouts from such long-term levels mean that the previous move has ended and a new one has begun.
However, MATIC has not started any significant bullish action at this time. Instead, it is trading very close to the pre-exit level.
The weekly Relative Strength Index (RSI) is also bullish. The RSI is used as a momentum indicator for traders and can be used to determine whether a market is overbought or oversold and to make a decision to buy or sell an asset.
If the RSI reading is above 50 and the trend is up, the bulls have an advantage, but if the reading is below 50, the opposite is true. The RSI is currently below 50 (red symbol) and falling, indicating a bearish trend.
However, when the price broke out of the line, the indicator went above 50. Therefore, it supports the possibility of MATIC price to start a new uptrend.
While the daily time frame is definitely bullish, the short six-hour time frame raises some doubts about the validity of the previous breakout.
While MATIC price has been rising since June 10, it did so within an ascending parallel channel. This is considered a bearish trend and means there is a possibility of an eventual breakdown.
Also, MATIC price was rejected by the crossing of resistance levels (red circle) on July 12. A resistance is forming between the resistance line of the channel and the 0.5 Fibonacci retracement resistance level.
The Fibonacci retracement levels principle suggests that after a significant price move, the price will partially return to the previous price level. Therefore, failure to break above 0.5 Fibonacci suggests that the upside move is corrective and a breakout will occur.
If Polygon price breaks out of the channel, it will likely drop to the June 10 low of $0.51.
However, despite this downside short-term Polygon price prediction, a break through the $0.74 resistance area and channel indicates that the trend is up. In this case, MATIC price could continue higher at the nearest resistance at $0.90.
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