The price of Polygon (MATIC) falls below the moving average lines, but is approaching the current support level of $0.73. Price analysis by Coinidol.com.
Long-term forecast for the Polygon price: bearish
The current support level of $0.73 has been held since November 21, 2023. The cryptocurrency is slipping as it attempts to retest the current support level for the third time. Polygon is currently trading at $0.74. If the bears break the support level of $0.73, the market will fall to a low of $0.61. On the other hand, if the current slide ends above the $0.73 support level, the altcoin will continue to rise. MATIC will rise and return to its previous highs of $0.95 and $1.05.
Analysis of the polygon indicator
On both charts, the price bars are clearly below the moving average lines. This indicates a continued decline in the cryptocurrency. The recent downturn has led to a bearish crossover with the 21-day SMA falling below the 50-day SMA. Traders should place short sell orders as the market continues to fall.
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 crashed and is retesting its historical price level of November 21, 2023. The bears are trying to break through the historical price level, which will cause the cryptocurrency to continue its downtrend. In the meantime, the altcoin is pulling after retesting the current support level of $0.73.
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.
Source: https://coinidol.com/polygon-price-falls-below/