Long-term Forecast of Polygon Price: Bearish
The price of Polygon (MATIC) has been falling since it breached the $0.90 resistance zone. Currently, it is approaching the previous low of June 10, and if the bears break the $0.50 support zone, the decline will continue.
However, buyers have been defending the current $0.50 support level for the past two months. At the moment, MATIC/USD is trading at $0.52, with resistance at $0.55 and the 21-day line SMA preventing further upward movement. If the bears retest support at $0.50, Polygon will either see a rally or a breakdown. A breakdown would lead to a low of $0.45, while a rally would push the cryptocurrency above the moving average lines and continue the uptrend to reach $0.70.
Polygon Indicator Analysis
Polygon is currently correcting upwards and is at the level of the Relative Strength Index (RSI) period 14, which is at 38. Although it is still in a downtrend and could fall further, it is above the daily Stochastic level of 80, indicating an uptrend. However, as Polygon approaches the overbought area, a decrease in price is likely.
Technical Indicators
Resistance levels for Polygon are at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30.
What Is the Next Move for Polygon?
Polygon is currently in a range between $0.50 and $0.55 due to recent constraints in the market. Since it is overbought, the cryptocurrency is expected to fall further. However, if the current support at $0.50 holds, the movement could continue within the range.
Last week, it was reported that the downtrend in Polygon had ended above the $0.50 support since June 10. At the time of writing this article, the market had risen to a low of $0.56.
Hot Take: Polygon Faces Bearish Pressure as Support Holds at $0.50
The price of Polygon (MATIC) has been on a downward trend since breaking through the $0.90 resistance zone. With support at $0.50 being tested, Polygon faces the possibility of a further decline. However, if buyers manage to defend this support level, there is a chance for a rally or continuation of the current range-bound movement between $0.50 and $0.55.
Technical indicators suggest that Polygon is currently correcting upwards but remains in a downtrend overall. Resistance levels are set at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30.
As Polygon approaches overbought territory, a decrease in price is likely. The next move for Polygon will depend on whether support at $0.50 holds or breaks, determining whether the cryptocurrency will experience further decline or find stability within its current range.
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