Polygon Continues Its Upward Trend And Approaches The High At $1.20

Apr 18, 2023 at 15:12 // Price
Coin Idol
Polygon is once again approaching the $1.20 resistance

Polygon (MATIC) price has broken out above the moving average lines as buyers try to keep the price above the $1.20 resistance level.

Long-term forecast of the Polygon price: fluctuation range

On April 15 and 17, buyers unsuccessfully attempted to maintain positive momentum above the $1.20 resistance level and the 50-day line SMA. 

Now, April 18, 2023, the altcoin now costs $1.17. Polygon will resume its uptrend if the resistance levels are broken. If MATIC fails to overcome the resistance, the sideways trend will resume. In case of refusal, the crypto price will move in a range between $1.00 and $1.20. Since March 8, buyers have consistently held the $1.00 support on the downside.

Analysis of the Polygon indicator

On the Relative Strength Index, Polygon is at level 57 for the 14 period. As the price rose above the moving average lines, Polygon increased. The fact that the price bars are now above the moving average lines indicates that cryptocurrencies will continue to grow. The altcoin is in a positive trend when the daily stochastic threshold is above 40.

MATICUSD(Daily Cjhart) - April 18.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next step for Polygon?

Polygon is once again approaching the $1.20 resistance as it has maintained its sideways movement. The barrier has already been attacked five times by the cryptocurrency price without a breakthrough. The resistance level is the region of an overbought market. The MATIC will fall when sellers appear in the overbought area.

MATICUSD(4 Hour Chart) - April 18.23.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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