Polygon (MATIC) Price Analysis: Breaking Resistance at $0.64
The price of Polygon (MATIC) is currently attempting to surpass the $0.64 resistance level. If it successfully breaks this barrier, the altcoin has the potential to rise above $0.70. However, it is worth noting that MATIC is currently trading in the overbought zone. In the event of rejection at $0.64, the price may experience a decline. Currently, MATIC is trading below the $0.65 high.
Polygon Price Long Term Forecast: Bullish
On October 19, the price of Polygon (MATIC) climbed back above the support level of $0.50. It also surpassed both the resistance and moving average line at $0.58 before being rejected at $0.64. This level had previously acted as a strong resistance in August, causing MATIC to enter a range-bound zone.
Analysis of the Polygon Indicator
The current price bars of Polygon (MATIC) are positioned above the moving average lines, indicating a bullish transition and an uptrend resumption for the altcoin. The 21-day line of the blue SMA has crossed above the 50-day line of the red SMA, further confirming the uptrend.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s Next for Polygon?
Polygon has entered into overbought territory and was rejected at the $0.65 level after forming higher highs and lower lows on the 4-hour chart. The cryptocurrency’s price movement has been limited to the range between $0.50 and $0.58 since August 17.
Hot Take: Polygon Continues to Push Higher
Polygon (MATIC) is making progress in overcoming its resistance levels and has shown a bullish trend. With its price bars above the moving average lines and indicators pointing towards an uptrend, MATIC has the potential to reach higher levels. However, caution should be exercised as the altcoin is currently in the overbought zone and may experience a pullback if rejected at key resistance levels.
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