Long-term Forecast of Polygon Price: Bullish
The price of Polygon (MATIC) is currently trading above the moving average lines, indicating positive movement in the cryptocurrency. The bulls have been successful in breaking the $0.50 to $0.60 range, and even after falling and retesting the $0.60 support level, Polygon has managed to hold on. This suggests that the price will continue to rise. However, there is currently resistance at $0.66 preventing further upward movement. A retraced candlestick has tested the 61.8% Fibonacci retracement line, indicating that MATIC could rise to the 1.618 Fibonacci extension or $0.76. At present, MATIC is trading at $0.64.
Polygon Indicator Analysis
The price bars of Polygon are well above the moving average lines, indicating that it is approaching the overbought zone. The moving average lines in the lower time frame are sloping horizontally as the altcoin remains at a high of $0.66.
Technical Indicators
Resistance levels for Polygon include $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30.
What is the Next Move for Polygon?
Polygon is currently holding above the $0.60 level as buyers bounce back from the support level. Bulls are expected to retest the resistance level at $0.66, and if successful, Polygon could rise to a high of $0.80 or even $0.85 per coin. However, if the bullish scenario fails, Polygon will likely continue to trade within a narrow range between $0.60 and $0.66.
Hot Take: Polygon’s Price Rise Continues, But Caution is Needed
Last week, it was reported that Polygon’s uptrend would continue to reach a high of $0.85. However, it is important to note that the altcoin is currently trading in the overbought zone. Therefore, while the long-term forecast remains bullish, caution should be exercised as the price of Polygon continues to rise.
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