The price of Polygon (MATIC) has resumed its positive momentum and has risen above the moving average lines.
The price of the cryptocurrency retested the 50-day SMA before resuming its uptrend. At this point, the altcoin is trading at $0.88. The bullish momentum is expected to reach a high of $0.96. However, MATIC will encounter resistance at a high of $0.95.
Meanwhile, the uptrend hits a first resistance at $0.90. If the altcoin is rejected at its current high, it will be forced to trade sideways between $0.86 and $0.90. In the meantime, Polygon is maintaining an uptrend.
Analysis of the Polygon indicator
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After the breakout on February 12, 2024, the price bars returned above the moving average lines. The value of the altcoin has risen as prices have recovered. On the 4-hour chart, the price bars are above the upward moving average lines.
Technical indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What’s next for Polygon?
The 4-hour chart of Polygon shows a steady rise. The current rise has peaked at $0.90. If the altcoin is rejected at its recent peak of $0.90, it is likely to see price fluctuations. The altcoin will trade above the moving average lines but below the $0.90 resistance.
