Cryptocurrency analysts report bearish long-term forecast for Polygon (MATIC) price
According to analysts at Coinidol.com, the price of Polygon (MATIC) has fallen within the range of $0.70 and $0.80. The decline could potentially go as low as $0.72. Buyers initially broke through resistance at $0.80, but failed to sustain the upward momentum to the previous highs. If the upward momentum continues, MATIC could reach a high of $1.20. Currently, MATIC is trading at $0.74. The price is expected to continue sliding until it reaches a low of $0.72 or a level above the moving average lines. If the price finds support above the moving average lines, the uptrend will resume.
Polygon Price Indicator Analysis
After the recent pullback, Polygon is back in the bullish trend zone. The relative strength index is currently at 52 in period 14, indicating that the altcoin will continue to rise in value. It is important for the price bars to stay above the moving average lines in order to maintain the rising trend. MATIC has reached the oversold zone of the market and is below the daily stochastic level of 20. This suggests that bearish fatigue has been reached for this altcoin.
Technical Indicators
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
What is the next step for Polygon?
Polygon has entered the range bound zone, indicating that the sideways trend will continue. The cryptocurrency is currently trading between $0.70 and $0.80. For the next few days, the altcoin will likely be limited within this range. The development of MATIC will depend on whether it can cross the range boundary thresholds.
Hot Take
The current analysis suggests that Polygon’s price is in a bearish trend in the long-term. However, there is potential for an upward momentum if the altcoin finds support above the moving average lines. Traders should closely monitor the price movement and consider the resistance and support levels mentioned. The next step for Polygon will be determined by its ability to break out of the current range and establish a new trend.