Cryptocurrency analysts of Coinidol.com report, Polygon (MATIC) price is moving in a limited trading range in the lower part of the chart.
Long-term forecast of the Polygon price: bearish
The bears have successfully pushed Polygon to its previous low of $0.75. The cryptocurrency price fell to another low of $0.50 before the bulls bought the dips on June 10.
Today, Polygon is trading for $0.66. Since the price is now within a range, it has not changed. MATIC is currently trading between $0.60 and $0.70 per Polygon unit. The 21-day line SMA or resistance at $0.70 has stopped the upward movement.
According to the price indicator, the altcoin has reached its required bottom at the 1.618 Fibonacci extension level or $0.57. Polygon will reach $1.00 if buyers manage to keep the price above the moving average lines. Polygon is limited to a small range below the high of $0.70.
Analysis of the Polygon indicator
Polygon is correcting higher but is stuck at the 21-day line SMA. The Relative Strength Index is at 44, indicating that the altcoin remains in a downtrend. Polygon has the potential to slide into the downtrend zone. Although the price bars are below the moving average lines, they are rejected at the 21-day line SMA. This was the cause of the continued decline.
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 is currently trading at the bottom of the chart. On June 10, the cryptocurrency crashed to a low of $0.50 as bulls bought dips. Since then, the cryptocurrency has consolidated above the current support level of $0.60.
On Jun 20, 2023, Coinidol.com reported that:Â Likewise, the cryptocurrency asset has fallen to the predicted price level. At the time of writing, the altcoin is trading at $0.60.
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 own research before investing in funds.
