Polygon Circles Above $0.94 Support But Targets $0.57 Low

May 03, 2023 at 11:22 // Price
Coin Idol
Polygon is still in a downward movement, but it is very gradual

Polygon (MATIC) is in a downtrend and below the moving average lines.

Polygon price long-term forecast: bearish

Currently, the cryptocurrency price is trading just outside the bearish trend zone. According to the price indications, there will be a further decline to the low of $0.57. At the time of writing, the altcoin is selling for $0.96. Doji candlesticks have formed, slowing the bearish momentum. MATIC will fall if the bears drop below the current support of $0.94. However, last week the altcoin circled above the current support. The dominance of the Doji candlesticks has resulted in the price action remaining unchanged.

Polygon indicator analysis

On the Relative Strength Index for period 14, Polygon is at level 35. Due to the stability of prices, the RSI has remained constant. The price decline is due to the fact that the price bars continue to be below the moving average lines. The MATIC is already trading in the oversold area of the market. The daily stochastic is currently below the level of 20.

MATICUSD_(Daily Chart) – May 2.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next move for Polygon?

Polygon is still in a downward movement, but it is very gradual. The altcoin is trading marginally due to the presence of indecisive small-body candles called Doji. The downtrend will accelerate if the current support is broken.

MATICUSD_(4 –Hour Chart) - May 2.23.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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