Polygon Price Long Term Prediction: Bullish
The altcoin has dropped and found support above its moving average lines, and the bearish momentum is repeating itself as the bears retest the 21-day moving average line. At the time this article is written, the market price of MATIC was $0.80.
If the bears drop below the 21-day SMA, selling pressure will pick up again. If this happens, MATIC could fall even lower to $0.66. However, if Polygon retraces and finds support above the low of $0.66, the crypto could return to a sideways trend.
Polygon indicator analysis
The price bars on the 4-hour chart have fallen below the moving average lines, indicating that the cryptocurrency will continue to fall. The altcoin is expected to fall due to an overbought scenario. On the 4-hour chart, the 21-day SMA is lower than the 50-day SMA, indicating a bearish crossover and a potential fall in the cryptocurrency.
Technical indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What is the next step for Polygon?
MATIC has been trading between $0.78 and $0.95 since the cryptocurrency collapse. The price indication has shown that the cryptocurrency will continue to fall. The altcoin reversed to the upside and retested the candlestick body of the 61.8% Fibonacci retracement level on November 18. The correction suggests that MATIC will fall to the 1.618 Fibonacci extension or $0.66.
Recent analysis indicates that Polygon retested the $0.95 price level on November 14.
Hot Take: What to Expect from MATIC
As of now, the price of Polygon (MATIC) is showing signs of bullish exhaustion and may fall to previous lows. Keep an eye on the support levels mentioned, as they will be crucial in determining the future of MATIC. Consider consulting a financial advisor for personalized investment recommendations.
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