Polygon (MATIC) Price Analysis: Sideways Movement Continues
Polygon (MATIC) has been trading sideways since the end of the November 14 rally. The cryptocurrency fell to a low of $0.72 before continuing its sideways movement.
Polygon Price Long Term Forecast: Ranging
Cryptocurrency price analysis suggests that the decline is likely to have continued to the low of $0.66 or below the 50-day simple moving average. Despite an upward correction above the moving average lines, Polygon has been rejected. If the price falls below the 21-day SMA, selling pressure will resume. Currently, Polygon is trading at $0.80 and the negative downtrend would continue if the 21-day SMA support is broken.
Polygon Indicator Analysis
The price of the cryptocurrency has fallen below the 21-day SMA, resulting in a low below the 50-day SMA. The failed upward correction indicates a downtrend for Polygon. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.
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 is currently falling and could reach its targeted low of $0.66. In previous price action, the market hit a low of $0.72 before reversing higher. If the bears manage to break through the current support, MATIC’s projected price level will be reached.
Hot Take: Continued Sideways Movement for Polygon (MATIC)
Polygon (MATIC) has been experiencing a period of sideways movement since its recent rally. Despite an initial upward correction, the cryptocurrency has been rejected and is currently trading at $0.80. The downtrend would continue if the support at the 21-day SMA is broken. Technical indicators suggest resistance levels at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30. The next move for Polygon remains uncertain, but if the bears manage to break through the current support, the projected price level of $0.66 could be reached.
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