Long-term forecast for the Polygon price: bearish
The price of Polygon (MATIC) has fallen below the moving average lines and is approaching the current support level of $0.73. This support level has been held since November 21, 2023. The cryptocurrency is slipping as it attempts to retest the current support level for the third time. If the bears break the support level of $0.73, the market will fall to a low of $0.61. On the other hand, if the current slide ends above the $0.73 support level, MATIC will continue to rise and may reach its previous highs of $0.95 and $1.05.
Analysis of the polygon indicator
Looking at both charts, it is clear that the price bars are below the moving average lines, indicating a continued decline in the cryptocurrency. The recent downturn has resulted in a bearish crossover with the 21-day SMA falling below the 50-day SMA. Traders should consider placing short sell orders as the market continues to fall.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What is the next move for Polygon?
Polygon has crashed and is retesting its historical price level from November 21, 2023. The bears are trying to break through this historical price level, which would cause the cryptocurrency to continue its downtrend. Meanwhile, it is currently pulling back after retesting the current support level of $0.73.
Hot Take: Polygon’s Price Slips Below Moving Average Lines
The price of Polygon (MATIC) has fallen below the moving average lines and is approaching a crucial support level. This bearish trend indicates a potential further decline in the cryptocurrency. Traders should consider short sell orders as the market continues to fall. However, if the support level holds, there is a possibility of a bullish reversal. Keep an eye on Polygon’s price movements and monitor the support and resistance levels for potential trading opportunities.
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