Cryptocurrency analysts of Coinidol.com report, the price of Polygon (MATIC) has fallen dramatically after surpassing the historical price levels of September and December 2022.
Polygon price long-term forecast: bearish
At the time of writing, the cryptocurrency asset is trading at $0.73. Nonetheless, Polygon is limited to the $0.60 and $0.80 levels. Polygon is stuck at the bottom of the chart and has yet to fully recover. The presence of Doji candlesticks has delayed the upward movement. Today, the 50-day line SMA resisted the positive momentum, which led to further sideways movement. However, once buyers overcome the resistance around $0.80 and the barrier at the 50-day simple moving average, MATIC will rise to a high of $1.20. On the other hand, further downward movement is unlikely as the altcoin is approaching the uptrend zone.
Polygon indicator analysis
Polygon is at Relative Strength Index period 14 level 59. The altcoin has the potential to rise even further. The cryptocurrency is trapped between the moving average lines, which indicates a sideways movement. The altcoin is gaining momentum and is trading above the Stochastic threshold of 80. The MATIC could fall if it becomes overbought.
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 been trading in a range for the past few months. The uptrend has reached the overbought area. The price of MATIC could fall to a lower range. Due to the presence of Doji candlesticks, the price movement of the altcoin will be minimal.
On Jul 06, 2023, Coinidol.com reported that: The price of Polygon (MATIC) has ended the bearish momentum since June 10. The altcoin is now trading between the moving average lines.
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 own research before investing in funds.