Polygon Continues Its Bullish Uptrend And Takes Aim At The High At $0.80

Nov 01, 2023 at 08:20 // Price
Coin Idol
Bulls are poised to retest the $0.66 resistance level

Cryptocurrency analysts of Coinidol.com report, with Polygon (MATIC) trading above the moving average lines, positive moves are expected.

Long-term forecast of the Polygon price: bullish

The bulls have accomplished this feat by breaking the current $0.50 to $0.60 range. On October 27, Polygon fell and retested the $0.60 support. The cryptocurrency's ability to hold the current support level suggests that it will continue to rise. Resistance at $0.66 is currently limiting the upward movement. A retraced candlestick tested the 61.8% Fibonacci retracement line of the October 24 upswing. The retracement suggests that MATIC will rise to the 1.618 Fibonacci extension or $0.76. Meanwhile, the altcoin is trading at $0.64 at the time of writing.

Polygon indicator analysis

The altcoin's price bars are well above the moving average lines as it approaches the overbought zone. The moving average lines in the lower time frame are sloping horizontally as the altcoin remains at the high of $0.66.

MATICUSD_(Daily Chart) – OCT. 31.23.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?

Polygon is holding above the $0.60 level as buyers bounce above the current support. Bulls are poised to retest the $0.66 resistance level. The altcoin is expected to rise to a high of $0.80 or $0.85 per coin. If the bullish scenario is invalidated, Polygon will continue to move in a narrow range between $0.60 and $0.66.

MATICUSD_ (4 Hour Chart) – OCT. 31.23.jpg

Last week Coinidol.com reported that the uptrend will continue to the high of $0.85. However, the altcoin is currently trading in the overbought zone. 

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 research before investing in funds.

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