Polygon Moves Above $0.97 Support As Sellers Threaten Short Selling

Mar 29, 2023 at 09:28 // Price
Coin Idol
According to the price indications, MATIC could fall further

Polygon (MATIC) price is falling below the moving average lines.

Polygon price long-term forecast: bearish

MATIC is expected to fall further due to the rejection of the high at $1.20 from the previous high. The altcoin has slipped below the moving average lines and is currently trading at $1.06. MATIC is likely to return to its previous low of $0.97. However, the decline would continue if the price falls below the previous low of $0.97. As a result of the March 9 decline, MATIC took an upward correction and a candlestick tested the 61.8% Fibonacci retracement line. The correction predicts that MATIC will fall to the $0.56 low or the 2.0 Fibonacci extension level. According to the price action, the altcoin is still trading above the $1.00 support.

Polygon indicator analysis

The Polygon indicator is in danger of falling as it is at the 40 level of the Relative Strength Index for the 14 period. The MATIC will decline as long as it is in the downtrend area. Another element that influences the cryptocurrency's decline is the position of the price bars below the moving average lines. The daily stochastic continues to indicate that the market has entered the oversold zone. The daily stochastics of the altcoin is below the level of 20. There is a possibility that the selling pressure will decrease.

MATICUSD(Daily Chart) - March 28.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next step for Polygon?

The value of the asset in cryptocurrencies has dropped drastically. According to the price indications, MATIC could fall further until it reaches a low of $0.56. The price movement indicates that the market is approaching its previous low of $0.97. The altcoin will resume its positive momentum if the current support holds.

MATICUSD(4 Hour Chart) - March 28.23.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.

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