Long-term Polygon Price Prediction: Bearish
The price of Polygon (MATIC) has fallen below the moving average lines after reaching a peak of $1.09 on December 27. The resistance at $0.84 and the moving average lines are currently slowing down any upward movements. If Polygon manages to break through these resistances, it will continue its uptrend. However, if it encounters resistance at the moving average lines, bearish momentum will resume and the price could drop to as low as $0.61. Currently, the altcoin is being sold for $0.81.
Analysis of the Polygon Indicator
The moving average lines are currently positioned above the cryptocurrency price bars, indicating a bearish momentum that may continue as long as the price bars remain below these lines. On the 4-hour chart, the moving average lines are sliding downwards, further confirming the current decline.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What Is the Next Step for Polygon?
After experiencing a drop in value, Polygon is currently in a downtrend. It reached a low of $0.73 on January 3 before rebounding slightly. The presence of long candlestick tails at the $0.73 support level indicates strong buying pressure. If buyers continue to show interest at this level, Polygon will likely resume its upward momentum.
Hot Take: Is Polygon’s Future Bearish?
Based on recent price movements and technical indicators, Polygon’s future appears to be bearish in the long term. The altcoin has faced resistance at key levels and is currently experiencing a decline. However, if it manages to break through these resistances and find strong support, it could regain its upward momentum. Traders and investors should closely monitor the price action and watch for any significant developments that could impact Polygon’s future performance.
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