The price of Polygon (MATIC) is falling as it is below the moving average lines.
Polygon price long-term forecast: bearish
The crypto asset’s value fluctuates only slightly between $1.00 and $1.15. At the time of publication, the altcoin is trading for $1.09. The 21-day line SMA has prevented upward movements. The resistance line of the price bars is the 21-day line SMA. Polygon will resume its uptrend when the price rises above the moving average lines or resistance at $1.20. As a result, MATIC will probably try to reach its previous high of $1.56. On the other hand, MATIC will fall to a low of $1.00 or $0.97 if it is rejected at the 21-day line SMA. Polygon’s price is currently trading below the moving average lines.
Analysis of the Polygon indicator
On the Relative Strength Index, Polygon is at level 46 for period 14. The altcoin is still in a bearish trend zone and is most likely to fall. The price bars are below the moving average lines, causing the altcoin to fall. The bullish momentum has slowed down above the daily stochastic level of 50.
Resistance levels: $1.20, $1.30, $1.40
Support levels: $1.00, $0.90, $0.80
What is the next step for Polygon?
Polygon is deteriorating after being rejected at the 21-day line SMA. However, despite the presence of Doji candlesticks, the price has not moved much. However, if the price rises back above the $1.00 support, the current downtrend will end.
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. Readers should do their own research before investing in funds.
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