The Price of Polygon (MATIC) Falls Below Moving Average Lines
The price of Polygon (MATIC) has fallen below the moving average lines, specifically the 21-day SMA and the $0.80 support. Although it briefly retested the $0.80 high, the cryptocurrency is currently sliding downwards.
Polygon Price Long Term Prediction: Bearish
The break below the 21-day SMA indicates that selling pressure will continue to push the price down. If this downward trend persists, Polygon is expected to drop to a low above the 50-day SMA or $0.66.
Analysis of the Polygon Indicator
The polygon indicator is currently falling below the 21-day SMA and will likely continue until it reaches the 50-day SMA. If the price holds at this support level, a sideways trend may begin. However, if it falls below the moving average lines, selling pressure will increase.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What’s Next for Polygon?
The current support level for Polygon is at $0.72, and if it breaks below this level, it is expected to reach the 1.618 Fibonacci extension or $0.66. On November 21st, it was reported that bearish momentum was repeating itself when MATIC was priced at $0.80.
Hot Take: The Future of Polygon’s Price
The price of Polygon (MATIC) has fallen below key moving average lines and faces ongoing selling pressure. If it fails to hold above the 50-day SMA, the price is expected to continue its downward slide. However, if it can maintain support at this level, a sideways trend may ensue. Keep an eye on Polygon as it approaches the predicted price level of $0.66, which could be a crucial point for its future trajectory.
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