Polygon (MATIC) price is now falling into the downtrend zone after a weak upward correction.
Polygon price long-term forecast: bearish
The bullish momentum reached the $1.20 level before dropping. The value of the cryptocurrency is decreasing and is at a low of $1.09 today. During the previous price movement, Polygon was in a positive trend. The price was stopped at $1.20 after the buyers’ attempt to keep the price above the moving average lines failed. The market would have reached a high of $1.54. The altcoin is currently under selling pressure as it falls back to its previous bottom. It is predicted that MATIC will reach its previous low of $0.97 if the selling pressure continues. Otherwise, the uptrend will resume.
Analysis of the Polygon indicator
The Polygon indicator is in the downtrend zone at the level 43 of the Relative Strength Index for the period 14. The current decline is caused by price bars that are below the moving average lines. The moving average lines with a sideways slope indicate movement within the trading range. MATIC has reached the oversold zone when the daily stochastic is below 20. The altcoin is rising as buyers appear in the oversold region of the market.
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?
On the 4-hour chart, MATIC has fallen to a low of $1.0831 as bulls bought the dips. Current support is still in place as the altcoin heads back up. The price indication predicts a drop to a low of $1.07. The altcoin will resume its uptrend once the price rises above the $1.20 threshold.
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-starts-uptrend/