The Latest Price Analysis of Polygon (MATIC)
The latest price analysis of Polygon (MATIC) reveals that the cryptocurrency has been consistently trading above the support level of $0.50 since June 10.
Long-term Forecast of the Polygon Price: Fluctuation Range
The downward trend of MATIC came to a halt on June 10, and since then, the bears have tested the current support level three times in an attempt to resume the decline. On October 12, the bears were rejected above the $0.50 support as they tried to break the lower price area. Although the altcoin rose above the current support level, it remained below the moving average lines.
Currently, MATIC is trading at $0.52, with price fluctuations limited to between $0.50 and $0.58 since August 17. The cryptocurrency is already in the oversold zone of the market, indicating that buyers are expected to emerge at lower price levels.
Polygon Indicator Analysis
As long as the cryptocurrency remains above the support level of $0.50, the moving average lines are horizontally sloped. MATIC has been bouncing between these lines, and it is expected to grow when the price bars rise above them in the shorter period.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What Is Next for Polygon?
MATIC/USD is currently trading in the lower area of the chart. The support level of $0.50 has held since the price decline on June 10. However, Polygon’s uptrend was rejected at the high of $0.89, causing the altcoin to return to its previous low of $0.50. Currently, the cryptocurrency is trading in a small range at the bottom of the chart.
Last week, it was reported that MATIC rose above the moving average lines but encountered resistance at $0.58 before retreating below them.
Hot Take: MATIC Maintains Support Level and Faces Resistance at $0.58
The latest price analysis of Polygon (MATIC) reveals that the cryptocurrency has been consistently trading above the support level of $0.50 since June 10. Despite testing this support level multiple times, MATIC remains below the moving average lines. The cryptocurrency is currently trading in a small range at the bottom of the chart, with resistance encountered at $0.58. However, buyers are expected to emerge at lower price levels as MATIC is already in the oversold zone of the market. The long-term forecast suggests that if the price bars rise above the moving average lines, MATIC is likely to experience growth.
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