Will Polygon (MATIC) Price Drop Below $1?

Polygon ( MATIC ) price reaction to the $1.25-1.32 resistance area could determine the future trend.
The Polygon Network is a scaling solution for the Ethereum blockchain, specifically for smart contracts. Its native token is MATIC. Decentralized finance platform UniLend announced its launch on Polygon ZK rollup (zero knowledge). Its previous testnet had over 10,000 users.
MATIC Hovering in Long-Term RangeMATIC price has been trading above the $0.80 horizontal support area since August 2022. Despite rebounding above this level on multiple occasions, the price has failed to break out of the range high of $1.40.
The MATIC token created a long lower wick during the week of March 6-13 and could start an upward move towards the range high of $1.40. This is also supported by the weekly RSI, which is trading above 50.
However, if the rally loses steam, Polygon price could drop to the $0.80 range low.
Is Polygon (MATIC) completing a relief rally?Daily time frame technical analysis shows that MATIC price is within wave B of an ABC corrective structure. Once this is completed, another drop will follow.
This is because the price completed a five-wave upward movement (black) before breaking down from the ascending support line. As a result, the increase is likely to complete.
If calculated correctly, the MATIC price will rise to the 0.5-0.618 Fib Retracement resistance level (white) at $1.25-1.32. Afterwards, another drop will follow. As the daily chart RSI was rejected by 50 (red icon), the price may now have started a C wave, which will take it towards the $0.81 support area, which also coincides with the previously outlined range low.
On the other hand, a decisive close above $1.32 would invalidate this bearish forecast. In this case, MATIC price could rise to the long-term resistance at $1.40 and possibly break above it, moving towards $1.92.
All in all, the most likely MATIC price prediction is a drop towards $0.81. However, a close above $1.33 would invalidate this and could start a move towards $1.40 and possibly even $1.92.