Polygon Continues To Rise And Reaches Its Previous High Of $1.50 Again

Jan 03, 2024 at 14:08 // Price
Coin Idol

The price of Polygon (MATIC) recovers from its previous downturn.

Long-term Polygon price prediction: range

Today's upward correction reached a high of $1.09 before falling back below the previous high. At the time of writing, Polygon is trading at $0.97. 

Nonetheless, the digital asset reached a high of $1.56 in February 2023 before crashing to the bottom of the chart. Buyers are driving the cryptocurrency higher, recovering from the previous high of $1.50. The altcoin is currently down to the low of $0.94 before resuming its uptrend. Once the market breaks through resistance at $1.09, it will resume its uptrend.

Analysis of the Polygon indicator

The bullish uptrend resumed when the price bars retraced above the moving average lines. The moving average lines slope northward while the price bars show higher highs and lower lows. The decline begins when the price falls below the moving average lines.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( Daily Chart) - Jan. 03.jpg

What is the next move for Polygon?

Polygon is regaining ground and continuing its climb to regain previous highs. The digital asset is predicted to reach a high of $1.50 before recovering to the overhead resistance level of $2.50. Meanwhile, the altcoin is trading between $0.96 and $1.10 as it prepares for the second leg of the rise.

Coinidol.com reported on December 26, that the buyers were defending the current price of $0.75 on the downside. The bulls have bought the dips twice as the altcoin falls above the current support. 

MATICUSD_( 4 Hour Chart) - Jan.03.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.com. Readers should do the research before investing in funds.

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