Polygon Falls As It Holds Above $1.30 Support

Feb 21, 2023 at 12:48 // Price

Polygon price is currently in the bullish trend zone

Polygon (MATIC) price is currently in the bullish trend zone. It rose to a high of $1.54 before falling back down.

Polygon price long-term forecast: bullish

The current uptrend could continue if it returns above the 21-day line SMA. However, if the price falls below the 21-day line SMA, the current uptrend could end. The value of the cryptocurrency is falling as it approaches the breakout level of $1.30. MATIC will find downside support above $1.30 and continue a new uptrend. The altcoin will rise and retest its high at $1.54. However, selling pressure will increase on the downside if MATIC fails to hold the breakout level of $1.30. The altcoin will then fall to a low of $1.00. At the time of writing, MATIC has fallen to a low of $1.41. 

Polygon indicator analysis

For period 14, the Relative Strength Index is at level 62. After a short retracement, the altcoin is now in the uptrend zone. If the price bars stay above the moving average lines, the altcoin will rise. The oversold area of the market is where Polygon has been falling. Below the 20 level of the daily stochastic, the trend is bearish. The altcoin is about to reach its downside limit.

MATICUSD(Daily Chart) - February 21.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next move for Polygon?

Polygon is rejected at the high of $1.54, although it is in an uptrend. After the retracement, the altcoin is still trading in the bullish trend zone. If the current decline continues above the current support, the cryptocurrency could start an upward movement again.

MATICUSD( 4 Hour Chart) - February 21.23.jpg

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.

Source: https://coinidol.com/polygon-1-30-support/