The price of Polygon (MATIC) is currently trading above the support level of $0.50.
Long-term Forecast of Polygon Price: Fluctuation Range
On June 10, the price of MATIC surpassed $0.50 and stopped its decline. Bulls managed to push the price up to $0.89 by buying the dips. The bears were unable to bring the price below $0.58, giving them the upper hand.
Currently, buyers are struggling to break through the resistance at $0.58. The MATIC/USD price range is currently between $0.50 and $0.58. On October 1, the altcoin reached a high of $0.57 but faced rejection. Since then, the cryptocurrency’s price has reversed and found support above the moving average lines. If buyers fail to sustain the bullish momentum above these lines, the altcoin could fall back to its current support level of $0.50.
Polygon Indicator Analysis
Following its recent rise, the price of MATIC is now above the moving average lines, indicating a potential upward swing in value. However, if bears manage to push the price below these lines, MATIC could experience a breakdown and return to its previous low.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s Next for Polygon?
The altcoin is currently facing rejection from its recent high and is still undergoing an upward correction. Its price is fluctuating between $0.50 and $0.58 within a restricted range, and a breakout could be imminent.
Last week, it was reported that MATIC has been in a sideways trend since the end of the negative trend on June 10. The altcoin briefly fell to its previous low of $0.50 before starting to rise again.
Hot Take: Potential Breakout for MATIC
Polygon (MATIC) is currently trading above the support level of $0.50, indicating bullish momentum. If the altcoin manages to break through the resistance at $0.58, it could experience a significant breakout and potentially reach higher price levels. However, if buyers fail to sustain the upward momentum and the price falls below the moving average lines, MATIC may face further downside pressure and return to its current support level of $0.50. Traders and investors should closely monitor these key levels for potential trading opportunities.
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