Polygon Continues To Fall And Approaches Its $0.50 Low

Cryptocurrency price analysis brought by Coinidol.com. Polygon (MATIC) has fallen to a low of $0.52 after the price collapse on August 17.

Long-term forecast of the Polygon price: bearish

The price of the cryptocurrency has held above the support level of $0.52 for the last week. Incidentally, this is the historical price level from June 10. The current support was maintained on June 10, when the cryptocurrency rallied above the moving average lines.

Polygon is now trading at $0.55, which is above the current support level of $0.50. If the current support holds, MATIC is expected to rise. If the resistance at $0.60 is broken, the cryptocurrency will move up into the range of fluctuation. Over the past two months, MATIC/USD has been moving between $0.60 and $0.80. On the downside, selling pressure has eased as the market approaches the oversold area.

Polygon indicator analysis

The Polygon indicator has fallen to the Relative Strength Index of period 14 of level 22. As buyers emerge in the oversold area, Polygon may resume its upward momentum. The altcoin is rising above the 40 level of the daily stochastic. As it continues to fluctuate above the current support, the bullish momentum threatens to be rejected at the high of $0.56.

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 has fallen to a new low above the $0.50 support level. On the downside time frame, the upside is being held back by resistance at $0.56 and the 21-day moving average lines, respectively. The doji candlesticks are also dominating the cryptocurrency.

On August 16, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the cryptocurrency's value fell from a high of $0.87 to a low of $0.62. Moreover, MATIC was trading in a range between $0.60 and $0.80. 

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.