The Price of Polygon (MATIC) Analysis: Trading in a Range below Moving Averages
The value of Polygon (MATIC) is currently moving within a specific range below the moving average lines. The analysis reveals a bearish long-term forecast for the altcoin. Let’s explore further in detail:
Polygon Price Long-term Forecast: Bearish 📉
Initially, Polygon’s price fluctuated between $0.63 and $0.75, with buyers keeping the price above the 21-day SMA. However, this positive momentum was short-lived, and the price dropped to $0.77 on May 6. Currently, MATIC has entered a price range after falling below the moving average lines.
- If the downtrend continues and breaks the current support at $0.63, the market may fall back to the previous low of $0.59.
- On the other hand, the price range will likely persist if the existing support holds strong. Currently, MATIC is trading at $0.67.
Analysis of the Polygon Indicator 📊
Looking at the 4-hour chart, Polygon is moving horizontally within the $0.63 to $0.75 range. The price bars are fluctuating below and above the horizontal moving average lines, indicating the current trend. Presently, the price bars are below the moving average lines, suggesting a downward movement for the altcoin.
Technical Indicators:
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
What is Polygon’s Next Move? 🤔
Polygon has extended its range-bound movement above the $0.63 support level. Despite experiencing a false breakout above the 21-day SMA, leading to a rejection at the recent high, the altcoin has returned to its current trading range. This suggests that the price may fluctuate within this range for a few more days.
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