Long-term Forecast for Polygon Price: Bearish
The price of Polygon (MATIC) has been in a downtrend but is currently undergoing a corrective upward movement. The rising correction phase ended on November 14, 2023, and since then, the price has been trading sideways below the $0.95 resistance level.
Polygon in a Bearish Trend Zone
On January 11, 2024, buyers attempted to push the price of Polygon to the $0.95 resistance level but were unsuccessful for the fourth time. Currently, the altcoin is trading at $0.83 and is in a bearish trend zone, making it unlikely for an upward push to occur.
Next Support Level and Buying Pressure
If the market continues to fall, the next support level for Polygon is around $0.75. This support level has remained intact since November 21, 2023, and there have been significant buying pressure and long candlestick tails at this level.
Analysis of Polygon Indicator
Polygon’s price bars are below the moving average lines, indicating rejection at its high of $0.95. The current position below the moving average lines suggests that the coin’s descent will accelerate. On the 4-hour chart, the moving average lines are sloping downwards, confirming 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?
Based on price prediction and Fibonacci extensions, it is expected that Polygon will fall to the 1.618 Fibonacci extension or the low of $0.76. Currently, the altcoin has dropped to $0.83 but is likely to find support and bounce back above the $0.75 level.
Hot Take: MATIC Saw a Significant Drop Before Rebounding
A week ago, Polygon experienced a significant drop to a low of $0.73 on January 3 before rebounding. This suggests that the cryptocurrency has the potential for price fluctuations and volatility in the near future.
By
By
By
By