The upward trend of Polygon (MATIC) has come to a halt as the price has fallen below the moving average lines. Price analysis by Coinidol.com.
Polygon price long-term forecast: bearish
The cryptocurrency has previously recovered from its downturn, rising to a high of $1.28. MATIC suffered a sharp rejection at the high of $1.28 before falling to $0.88. However, if the bears break the low of $0.81, the market will fall to the previous low of $0.50.
The uptrend will resume if the current support level remains above $0.81 or the low of $0.50. The altcoin will reverse upwards if it stays above the support levels of $0.80 or $0.50. MATIC will resume its positive momentum if buyers keep the price above the moving average lines. The previous high of $1.28 will be reached again.
Analysis of the Polygon indicator
MATIC price bars have continued to fall below the moving average lines as the value of the altcoin has declined. On the positive side, selling pressure is expected to stop as the price of the cryptocurrency rises above the moving average lines. The altcoin will continue to lose value if the price bars are below the moving average lines.
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 is falling and approaching its previous low of $0.50. However, the price signal predicts a likely reversal at the 1.272 Fibonacci extension or $0.81. In the meantime, the altcoin has fallen to a low of $0.86.
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-decline-threatens/
