The Price of Polygon (MATIC) is on the Rise Again
The price of Polygon (MATIC) is recovering from its previous downturn. The upward correction ended on November 14 with a high of $0.95. MATIC has slipped between the moving average lines after two rejections. The altcoin is trading sideways below its recent high. Polygon will reach a high of $1.40 if the current resistance level is overcome. If buyers are unable to overcome the overhead barrier, the cryptocurrency will continue to trade sideways below the previous high. In other words, the market will oscillate between $0.75 and $0.95. At the time of writing, MATIC is worth $0.79.
Analysis of the Polygon Indicator
After the current downward movement, the price bars have fallen below the moving average lines. The downtrend is expected to continue in the lower price area. The moving average lines on the 4-hour chart are pointing downwards and signal a decline.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s Next for Polygon?
Polygon is still in a sideways trend after overcoming the $0.95 hurdle. MATIC is bearish as it enters the lower $0.75 price area. If the current support holds, the market will resume its uptrend and move between $0.75 and $0.95.
Polygon Forced into Sideways Trend
On December 12, it was reported that Polygon was forced into a sideways trend by the end of its uptrend. The price of the altcoin was fluctuating between $0.75 and $0.95.
Hot Take: Polygon’s Recovery Signals a Positive Outlook
Polygon’s recovery from its previous downturn indicates a positive outlook for the cryptocurrency. Despite facing resistance at $0.95, there is potential for it to reach a high of $1.40 if the current resistance level is overcome. However, if buyers are unable to break through the overhead barrier, the market will continue to trade sideways between $0.75 and $0.95. Technical indicators suggest a downtrend in the lower price area, but support levels are in place to potentially facilitate an uptrend in the future. Overall, Polygon’s performance will depend on its ability to overcome resistance and maintain support levels.
By
By
By
