Polygon (MATIC) has seen a strong uptrend and has reached a high of $0.95. Cryptocurrency price analysis by Coinidol.com.

Polygon Price Long Term Prediction: Bullish

Polygon retested the $0.95 price level on November 14. The last time this price was reached was in May. Since then, the bulls have not breached the $0.95 price barrier until yesterday.

Now, however, the market has entered the overbought zone. Polygon reached the overbought zone in May and quickly dropped to a floor above the $0.50 support. On the upside, further gains for the cryptocurrency are unlikely. On the downside, Polygon is at risk of a decline if sellers emerge in the overbought territory. Moreover, the altcoin will fall if the bears breach the $0.70 support or the moving average lines.

MATIC is currently trading above the moving average lines. At the time of writing, MATIC/USD is trading at $0.93.

Polygon indicator reading

The price bars are showing higher highs and lower lows while remaining above the upward sloping moving average lines. Since October 20, the MATIC has crossed a bullish moving average. This is the point at which the 21-day simple moving average crosses above the 50-day simple moving average, signaling a bullish order. At the moment, the altcoin has reached bullish exhaustion.

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 has reached the overhead resistance of $0.95. MATIC has reached the overbought area of the market. Sellers are likely in the overbought area of the market. Bulls may pull back from the recent high as they have not been able to break above the overhead resistance since May.

Last week the price forecast by Coinidol.com for the altcoin suggests that it will rise to a high of $0.76 or the 1.618 Fibonacci extension level.  

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/polygon-trying-to-overcome/