Summary
The price of Polygon (MATIC) has been declining since its spike on July 13, according to cryptocurrency analysts. The long-term forecast for Polygon’s price is bearish. The altcoin recently experienced bearish exhaustion on August 7, but is currently trading at $0.67 as the bulls bought the dips. The cryptocurrency is currently stuck in a range between $0.60 and $0.80, and its future trend will depend on whether buyers can keep the price above the moving average lines and the resistance at $0.80.
Key Points
- Polygon’s price has been declining since July 13.
- The altcoin experienced bearish exhaustion on August 7.
- Polygon is currently trading within a range of $0.60 to $0.80.
- The altcoin will resume its uptrend if the price remains above the moving average lines and the resistance at $0.80.
- If buyers fail to break the recent high, the cryptocurrency will remain capped at the bottom of the chart.
Polygon Indicator Analysis
Polygon has reached the bearish exhaustion of the Relative Strength Index of period 14 at level 39. The altcoin remains in the downtrend zone and is correcting upwards. The altcoin has also entered an overbought area of the market and is likely to be sold off.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
Next Steps for Polygon
Polygon is currently in a narrow range between $0.66 and $0.68. The price movement has been limited since August 4, and the altcoin is currently overbought at $0.68. The future trend of Polygon will depend on whether it can fall below the 50-day line SMA.
Hot Take
Based on the analysis, it seems that Polygon’s price is facing resistance and may continue to decline in the short term. However, if buyers can push the price above the resistance at $0.80, the altcoin may resume its uptrend. It will be important to monitor the cryptocurrency’s movement in the coming days to see if it can break out of its current range.
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