Cryptocurrency Price Analysis: MATIC Falls into Oversold Zone
The price of Polygon (MATIC) has fallen into the oversold zone of the market, with a long-term forecast for the cryptocurrency being bearish.
Key Points:
- MATIC’s value dropped from $0.87 to $0.62, trading between $0.60 and $0.80.
- Buyers failed to maintain positive momentum above the $0.80 resistance level.
- If the current support at $0.60 is broken, MATIC will reach its previous low at $0.50.
- If the support at $0.60 holds, the cryptocurrency will resume its movement within the trading range.
- Recent slump brings MATIC to the oversold area of the market, indicating bearish exhaustion.
Technical Indicators:
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
Next Move for Polygon:
The recent slide will end once MATIC reaches the oversold region of the market. If the current support level of $0.60 holds, the altcoin will start its rise within the trading range, aiming for its previous high of $0.80.
Hot Take: The price analysis suggests that Polygon (MATIC) is currently in a bearish trend, but there is potential for a recovery if the support level holds. Crypto readers should closely monitor MATIC’s movement within the oversold zone.
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