Polygon Bounces Above $0.60 And Reaches Bearish Boundary

Jun 14, 2023 at 09:49 // Price
Coin Idol
The bear market has run its course on Polygon

The price of Polygon (MATIC) has fallen to the low predicted by the price indicator.

Long-term forecast of the price of Polygon: bearish

The cryptocurrency asset fell to a low of $0.50 before bouncing back to the level of current support. Currently, Polygon is selling for $0.63 as this article is being written. According to an earlier prediction of the price indicator, the market will bottom at the 1.618 level of the Fibonacci extension or at the $0.57 level. The MATIC is currently bouncing off the support at $0.60. On the negative side, the market has entered the oversold zone. The bear market has run its course on Polygon. When buyers emerge in the oversold area of the market, the resumption of the uptrend will begin.

Analysis of the Polygon indicator

Polygon is firmly positioned in the oversold area of the market. The Relative Strength Index for the 14 period is at 18 and the market has reached its limit of bearishness. The moving average lines that have been driving the downward movement are below the price bars. Below the 50 threshold of the daily stochastic, the bears' downward momentum has stalled.

MATICUSD_(Daily Chart) – June 13.23.jpg

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?

The bulls bought the dips, which caused Polygon to fall to a low of S0.50. The market has reached its limit to the downside as it consolidates above the support level of $0.60. At lower prices, it is expected that buyers would start showing interest in the cryptocurrency, which will increase the price.

MATICUSD(4 –Hour Chart) – June 13.23.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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