Polygon (MATIC) Price Analysis: Will the Altcoin Continue to Decline?
Are you curious about the current price movement of Polygon (MATIC) and where it might be heading next? Letโs dive into an analysis of the MATIC coin to understand the recent trends and possible future developments.
Long-term Forecast: Bearish Outlook for Polygon Price
Resistance at $1.30 has hindered MATICโs recovery, with buyers struggling to push the price beyond this level. Despite reaching highs of $1.28, the altcoin failed to sustain momentum above $1.30, resulting in a decline to $0.877 at the time of writing.
This downward movement places Polygon at risk of further declines as it remains below the moving average lines. While a recent recovery saw the coin bounce back from $0.49, breaking above the $0.90 support level will be crucial for MATIC to resume its uptrend towards previous highs of $1.20 and $1.28.
Analysis of Polygon Indicator
Examining the indicator, Polygonโs price bars are below the moving average lines, signaling a downtrend. A bearish crossover between the 21-day SMA and the 50-day SMA suggests continued downward pressure on the cryptocurrency.
Technical Indicators
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
Whatโs Next for Polygon?
Currently trading below moving average lines, Polygon is in correction mode but faces resistance at the 21-day SMA. A rejection at this level could bring selling pressure, pushing the altcoin back towards $0.87. However, breaking above the current range could signal a new trend for MATIC.
Recent reports suggest that if Polygon surpasses the moving averages, it may continue its upward trajectory. With a trading price of $1.03 on March 28, 2024, Polygonโs future movements remain uncertain.
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