Polygon (MATIC) Price Analysis: Sideways Movement Above Moving Averages
The price of Polygon (MATIC) is currently facing rejection at the resistance level of $0.95. Despite reaching a high of $0.92, the digital asset is experiencing a decline with long candle wicks indicating selling pressure. Buyers have made unsuccessful attempts to keep the price above the resistance, but if they succeed, Polygon could reach a high of $1.20. On the downside, the current support level is at $0.75.
Polygon Indicator Analysis
After a recent dip, the price bars have recovered and are now above the moving average lines, suggesting a possible retest of the resistance level. The moving average lines are currently horizontal, indicating a sideways trend.
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 currently trapped in a price range between $0.75 and $0.95. The cryptocurrency has found support above the 21-day simple moving average and is expected to rise again to retest the resistance level of $0.95. If these levels are broken, Polygon will establish a new trend.
In previous reports, it was mentioned that the upward correction for Polygon ended on November 14 with a high of $0.95. The cryptocurrency has since slipped between the moving average lines after two rejections.
Hot Take: Polygon Price Analysis — Sideways Movement Persists with Resistance at $0.95
The price of Polygon (MATIC) continues to move sideways, facing resistance at $0.95. Despite reaching a high of $0.92, the digital asset is experiencing selling pressure and declining. However, if buyers manage to overcome the resistance, Polygon could reach $1.20. The current support level is at $0.75, and the moving average lines suggest a possible retest of the resistance. Technical indicators show resistance levels at $1.20, $1.30, and $1.40, with support levels at $0.60, $0.40, and $0.30.
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