The price of Polygon (MATIC) is falling after reaching resistance at $1.28. According to analysis by Coinidol.com buyers were unable to sustain the positive momentum above the $1.30 high.
Long-term forecast for the Polygon price: bearish
The cryptocurrency had recovered from its previous downturn. The current rejection at $1.28 has caused the cryptocurrency to fall below the moving average lines. The recent upswing ended when it fell below the moving average lines. It fell to a low of $0.91 as the bulls bought the dips. MATIC is now worth $1.02. The uptrend will continue if the price rises above the moving averages.
Today, the bulls have broken above the 50-day SMA and are moving towards the 21-day SMA. A break above the 21-day SMA will send the altcoin back to its previous high of $1.30. However, MATIC could move between the moving average lines as it is above the 50-day SMA.
Analysis of the polygon indicator
The price of the cryptocurrency has risen above the 50-day SMA. If the 50-day SMA support holds, the price bars between the moving average lines will fall. The altcoin will gain value if it rises above the 21-day SMA. However, if the 21-day SMA is rejected, the price of the cryptocurrency will fall between the moving average lines.
Technical indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s next for Polygon?
Polygon has resumed its uptrend after rising above the moving average lines on the 4-hour chart. Currently, the upward movement is halted by doji candlesticks and resistance at $1.03. In addition, Polygon has been trading between $0.93 and $1.03 since the price drop on March 19. Above the resistance level of $1.03, the price will turn upwards again.
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-price-recovers-but/
