Polygon (MATIC) Price Analysis: Bearish Trend Continues Below Moving Average Lines
As a crypto enthusiast, you may have noticed that the price of Polygon (MATIC) is currently falling below the moving average lines. However, it is holding steady above the key support level of $0.59. Letโs delve into a detailed analysis of the current market trend and forecast for Polygon.
Long-Term Forecast for Polygon Price
On the weekly chart, bulls have managed to sustain the decline above the $0.59 support level. Despite reaching a high of $0.75, the altcoin is currently trading in a range above this crucial support level. The bears have made attempts to push the price below $0.59 twice but have been unsuccessful so far. If the bears manage to break this support level, Polygon is likely to retest previous lows at $0.50 and $0.31. At the time of writing, the price stands at $0.67, with fluctuations expected until a clear trend is established. A break above the resistance at $1.00 or maintaining the price above the moving average lines could signal a bullish continuation for Polygon.
Analysis of Polygon Indicators
The price bars of Polygon are currently below the moving average, indicating a potential downtrend continuation. Bears are putting pressure on the $0.59 support level, while the 21-day Simple Moving Average (SMA) is impeding upward movements. A break above the 21-day SMA could signal a bullish momentum shift for Polygon.
Technical Indicators
- Resistance Levels: $1.20, $1.30, $1.40
- Support Levels: $0.60, $0.40, $0.30
Whatโs Next for Polygon?
Polygon is currently in a downtrend but has managed to hold above the $0.59 support level. On the 4-hour chart, the altcoin is consolidating above the $0.62 support level while the bears are testing the support level. A bounce off this support could trigger an upside move for Polygon in the near term.
Hot Take: Stay Cautious Amidst Bearish Pressure
In conclusion, the price of Polygon (MATIC) is facing bearish pressure as it continues to trade below the moving average lines. While the $0.59 support level has held so far, a break below this level could lead to further downside towards previous lows. Traders and investors should exercise caution and monitor price movements closely to capitalize on potential opportunities in the market.
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