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 decreased and found support over its moving average lines, and the bearish momentum is repeating itself as the bears retest the 21-day moving average line. And once this post is written, the market price of MATIC was $0.80.

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

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Polygon indicator analysis

The price bars on the 4-hour chart have fallen below the moving average lines, indicating that the digital currency 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 probable fall in the digital currency.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

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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 digital currency collapse. The price indication has shown that the digital currency 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 implies 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.

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Hot Take: What to Expect from MATIC

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

Author – Contributor at | 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.

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