Cryptocurrency Price Analysis: Polygon (MATIC) Trading in a Narrow Range
The price of Polygon (MATIC) is currently declining and trading within a narrow range. In the past 48 hours, MATIC rose above the moving average lines but faced resistance at $0.58. As a result, the altcoin has fallen below the moving average lines and is now trading between $0.50 and $0.58. Currently, MATIC has dropped to $0.53, and if it continues to stay below the moving average lines, it may fall further.
Long-term Forecast: Fluctuation Range
The Polygon price analysis indicates that the altcoin is likely to continue trading in a bearish trend zone as it remains below the moving average lines. The downward slope of the moving average lines suggests a decline in price, and MATIC is currently in an oversold area. If the support level of $0.50 is broken, the cryptocurrency may drop to $0.46. However, if the support holds, it will continue to trade within the range.
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 been trading sideways since its price drop on June 10th. Although it initially fell to around $0.50, bulls bought the dips and pushed the price up to $0.89 before encountering resistance. The current low for Polygon’s price is at $0.53, and based on price indicators, it is expected to continue falling until it reaches $0.46.
Last week, it was reported that on June 10th, the cryptocurrency surpassed $0.50 and ended its decline as bulls bought the dips, pushing the price to $0.89.
Hot Take: Polygon’s Price in a Narrow Range
The price of Polygon (MATIC) is currently trading within a narrow range, facing resistance at $0.58. If the altcoin remains below the moving average lines, it is likely to continue falling. However, if the support level of $0.50 holds, it will stay within the range. Technical indicators suggest potential resistance levels at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30. Overall, Polygon’s price is expected to continue its decline until reaching a low of $0.46.
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