The price of Polygon (MATIC) has held its current support level of $0.63 while consolidating above it.
Long-term outlook for the Polygon price: bearish
Selling pressure has reached bearish exhaustion and the cryptocurrency is trading in a limited range. The altcoin is trading above the current support level of $0.63 but below the moving average lines, which is a resistance at $0.75.
A break above the 21-day SMA will send the altcoin upwards to the 50-day SMA. The uptrend will start if the buyers sustain the price above the 50-day SMA. The altcoin will reach its previous highs of $1.10 and $1.30. If the bears break the current support at $0.63, the altcoin will drop to a low of $0.59.
Analysis of the polygon indicator
The moving average lines are above the price bars, which are moving south. The MATIC has slipped into the oversold area of the market. The price of the cryptocurrency is consolidating above its existing support. Long candlestick tails indicate the existing support, suggesting strong buying pressure.
Technical indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s next for Polygon?
Polygon had recovered from an earlier dip before the current rejection. The altcoin has previously recovered from a downtrend but was rejected at a high of $1.28. Polygon is in a sideways trend, ranging between $0.63 and $0.75, as further upward movement of the cryptocurrency is expected.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/polygon-struggling-below/
