Long-term forecast of the Polygon price: bearish
According to cryptocurrency analysts, the price of Polygon (MATIC) is currently in a bearish trend and has retested the June 10 low. Since June 10, MATIC has been moving sideways, with the altcoin falling to $0.50 before starting to rise again. Currently, the price of MATIC is at $0.52. The bears have tested the previous low three times, but each time the price recovered. However, if the bears break the current support level of $0.50, the downtrend will continue and MATIC’s value could drop even further to reach a low of $0.45.
Polygon indicator analysis
The Relative Strength Index (RSI) of period 14 for Polygon is approaching level 41, indicating a bearish trend. The price bars are above the moving average lines, which have prevented further upward movement. Additionally, the daily stochastic level is above 70, signaling a slowdown in upward momentum.
Technical indicators
Resistance levels for Polygon are at $1.20, $1.30, and $1.40. On the other hand, support levels are at $0.60, $0.40, and $0.30.
What is the next step for Polygon?
Currently, Polygon’s value has dropped back to its previous low of $0.50. This gives the bears an advantage in the market. If Polygon manages to rise above this support level again, the trend could turn positive. However, if it loses its current support of $0.50, it will continue its decline.
Hot Take: Polygon’s Bearish Trend Persists
Polygon’s price continues to experience a bearish trend, retesting the previous low of June 10. Despite some recovery attempts, the altcoin remains at risk of further decline if the bears manage to break the $0.50 support level. Traders and investors should closely monitor the market and be prepared for potential downward movement in Polygon’s value.
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