Polygon Price Surges Above $0.80 Amid Increasing Selling Pressure

Polygon Price Surges Above $0.80 Amid Increasing Selling Pressure

Polygon Price Long Term Prediction: Bullish

The altcoin has dropped and found support above its moving average lines, and the bearish momentum is repeating itself as the bears retest the 21-day moving average line. At the time this article is written, the market price of MATIC was $0.80.

If the bears drop below the 21-day SMA, selling pressure will pick up again. If this happens, MATIC could fall even lower to $0.66. However, if Polygon retraces and finds support above the low of $0.66, the crypto could return to a sideways trend.

Polygon indicator analysis

The price bars on the 4-hour chart have fallen below the moving average lines, indicating that the cryptocurrency will continue to fall. The altcoin is expected to fall due to an overbought scenario. On the 4-hour chart, the 21-day SMA is lower than the 50-day SMA, indicating a bearish crossover and a potential fall in the cryptocurrency.

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?

MATIC has been trading between $0.78 and $0.95 since the cryptocurrency collapse. The price indication has shown that the cryptocurrency will continue to fall. The altcoin reversed to the upside and retested the candlestick body of the 61.8% Fibonacci retracement level on November 18. The correction suggests that MATIC will fall to the 1.618 Fibonacci extension or $0.66.

Recent analysis indicates that Polygon retested the $0.95 price level on November 14.

Hot Take: What to Expect from MATIC

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

As of now, the price of Polygon (MATIC) is showing signs of bullish exhaustion and may fall to previous lows. Keep an eye on the support levels mentioned, as they will be crucial in determining the future of MATIC. Consider consulting a financial advisor for personalized investment recommendations.

Polygon Price Surges Above $0.80 Amid Increasing Selling Pressure
Author – Contributor at Lolacoin.org | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension. A guiding light for both seasoned trailblazers and curious newcomers venturing into the cryptoverse, Cabel’s insights forge a compass for insightful decision-making amidst the ever-evolving currents of cryptocurrencies. With the artistry of a wordsmith, they craft narratives that enrich the evolving narrative of the crypto cosmos.