Polygon Falters As It Cannot Break The Barrier At $0.70

Cryptocurrency analysts of Coinidol.com report, the cryptocurrency asset has not fully recovered as it is still trading below or between the moving average lines.

Polygon price long-term forecast: bearish

The price of Polygon (MATIC) has ended the bearish momentum since June 10. The altcoin is now trading between the moving average lines.

In other words, it is in a limited price range between $0.50 and $0.70. At the time of writing, it is trading at $0.67. On the plus side, Polygon will resume its uptrend if the bulls break the resistance at $0.90. MATIC will reach a high of $1.20. Polygon, on the other hand, will fall back to its previous low if it fails to hold the $0.60 support. In the meantime, the price will fall back to the existing support or the 21-day simple moving average. 

Polygon indicator analysis

The Polygon indicator is fluctuating and is currently at a Relative Strength Index of 47 for period 14. It is likely that Polygon will continue its movement within the trading range as it is trapped between the moving average lines. The cryptocurrency asset is in a negative trend and has fallen below the daily Stochastic reading of 20. The altcoin has fallen into the oversold zone of the market. Buyers are expected to be attracted to the oversold areas of the market.

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 regaining ground and trying to break the initial barrier of $0.30. Over the past month, altcoin has struggled to regain positive momentum within a narrow range. However, the presence of Doji candlesticks has slowed down the price movement. The candles indicate the uncertainty of buyers and sellers about the direction of the market.

On Jun 27, 2023, Coinidol.com reported that: 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.  

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.