Polygon (MATIC) shares are trying to overcome the $0.64 resistance level today. If the initial barrier is overcome, the altcoin will rise above $0.70. Price analysis by Coinidol.com.
The uptrend will continue to the high of $0.85. However, the altcoin is currently trading in the overbought zone. If MATIC is rejected at the high of $0.64, it will fall. Meanwhile, the altcoin is trading below the high at $0.65.
Polygon Price Long Term Forecast: Bullish
The price of Polygon (MATIC) rose back above the support level of $0.50 on October 19. The price of MATIC surpassed both the resistance and the moving average line at $0.58. The altcoin reached a high of $0.64 and was rejected. The polygon was beaten back the same level in August and fell into the range bound zone.
Analysis of the Polygon Indicator
After the price recovery, the cryptocurrency price bars are currently above the moving average lines. The price movement of MATIC has accelerated as the price bars are above the moving average lines. The polygon shows a bullish transition as the altcoin resumes its uptrend. The 21-day line of the blue SMA has crossed above the 50-day line of the red SMA, indicating an uptrend.
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 moved up into the overbought area of the market. MATIC reached a high of $0.65, but was rejected at this level. The price of the cryptocurrency is forming a series of higher highs and lower lows on the 4-hour chart. The price movement stalled at $0.65.
On October 17, Coinidol.com reported that Polygon price has been limited to between $0.50 and $0.58 since August 17.
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.
