The Price of Polygon (MATIC) in a Sideways Trend
The price of Polygon (MATIC) is currently in a sideways trend, with the cryptocurrency trapped between two moving average lines. This sideways trend has kept the price relatively stable over the past week, with the current trading range between $0.765 and $0.831. The price fluctuation has been limited to this range, and the cryptocurrency is currently valued at $0.791.
Long-term Polygon Price Prediction: Range
The previous downtrend that started on January 23, 2024, has weakened and resulted in a sideways trend. If buyers can keep the price above the 50-day SMA or the resistance level at $0.83, Polygon is expected to rise. Positive momentum will continue to build, potentially reaching previous highs of $0.95 and $1.05. On the other hand, if Polygon loses the $0.0765 level or falls below the 21-day SMA, it may fall to its previous low of $0.69.
Analysis of the Polygon Indicator
Last week, Polygon was trapped between moving average lines, causing its price to remain constant within that range. Breaching these moving average lines can result in either a rise or fall in the cryptocurrency’s price.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What is the Next Move for Polygon?
Polygon will likely continue to move sideways while stuck between the moving average lines. On the 4-hour chart, the cryptocurrency has fallen within this range since the price drop on January 23, 2024, fluctuating between $0.076 and $0.831 price levels.
Hot Take: Polygon’s Sideways Trend Indicates Stability
The current sideways trend of Polygon (MATIC) suggests a period of stability for the cryptocurrency. While it remains trapped between two moving average lines, the price has remained relatively steady within a specific range. This indicates a balance between buying and selling pressure. However, the future movement of Polygon will depend on whether it can break above the resistance level or fall below the support level. Traders and investors should closely monitor these key levels to determine potential buying or selling opportunities.
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