Description:
The content discusses the current price movement of Polygon (MATIC) and provides a long-term forecast. It also analyzes the indicators and support/resistance levels of the cryptocurrency.
Main Points:
- Polygon’s price has been rising but is facing resistance at the $0.65 high or the 21-day line SMA.
- If the bulls fail to regain the support at $0.60 or the 21-day line SMA, MATIC will fall and return to the previous low of $0.50.
- Polygon is currently in a bearish trend, with price bars below and rejected by the moving average lines.
- The altcoin is gaining momentum above the daily stochastic threshold of 40.
- The next step for Polygon depends on whether it can hold above the previous low of $0.50 or continue to fall within a range of $0.50 and $0.60.
Technical Indicators:
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
Hot Take:
Polygon’s price is currently facing resistance and is in a bearish trend. The altcoin needs to regain support and break above the moving average lines to see a rise in price. If it fails to do so, it may fall back to its previous low. The next step for Polygon will depend on its ability to hold above the support level and break out of its current range.
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