Polygon (MATIC) Price Analysis: What to Expect Next
The price of Polygon (MATIC) is currently undergoing a sideways movement as it bounces back from a recent dip. Here is what you can anticipate in the near future for this altcoin.
Long-Term Outlook for Polygon Price: Downward Trend
– MATIC is presently trading above the 21-day Simple Moving Average (SMA) but below the 50-day SMA
– The altcoin’s price is hovering above the $0.63 support level and below the $0.75 resistance level
– Analysts predict that Polygon will surpass the 50-day SMA, but may encounter resistance near the $0.75 mark
– To resume its upward trajectory, Polygon needs to break through the $0.75 resistance level
Analysis of Polygon’s Key Indicators
– Following a recent breakout, MATIC’s price is now positioned above the 21-day SMA
– The altcoin is expected to fluctuate between the moving average lines, with the current uptrend facing resistance at $0.75
– Price bars on the 4-hour chart indicate a rising trend for MATIC
Technical Indicators for Polygon
– Resistance levels: $1.20, $1.30, $1.40
– Support levels: $0.60, $0.40, $0.30
What’s Next for Polygon’s Price Movement?
– As Polygon hovers between the moving average lines, breaking the $0.75 resistance level could pave the way for further bullish momentum
– The altcoin is currently facing a hurdle at the $0.71 mark, indicating a temporary stall in the uptrend
Hot Take: Polygon’s Road Ahead
With support levels at $0.60, $0.40, and $0.30, and resistance levels at $1.20, $1.30, and $1.40, Polygon’s price movement will largely depend on its ability to overcome the resistance at $0.75. Stay tuned for more updates on MATIC’s price action.
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