Polygon Crosses The $1.05 Barrier And Climbs To Its Previous Highs

Feb 29, 2024 at 05:10 // Price
Coin Idol

The price of Polygon (MATIC) is rising as the altcoin attempts to recover from a recent decline.

Long-term outlook for the Polygon price: bullish

Buyers have pushed MATIC above its moving average lines. The obstacle at $1.05 has slowed the cryptocurrency's price rise. The uptrend has been halted since December 25, 2023. If buyers surpass the recent high, the altcoin will rise and return to its previous highs of $1.20 and $1.50.

However, if buyers fail to push the altcoin above the previous high, it will fall and return to its sideways pattern. The previous price activity of the altcoin ranged between $0.70 and $1.05. Meanwhile, the price of the cryptocurrency is fluctuating below its previous high.

Analysis of the polygon indicator

The price bars are above the horizontal moving average lines. The cryptocurrency price will continue to rise above the moving average lines until the cryptocurrency falls below them. In the lower time frame, the moving average lines are sloping north, indicating an uptrend.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( Daily Chart) - FEB.28.jpg

What is the next move for Polygon?

Polygon is in an uptrend and is trying to reclaim its previous highs. The market has reached a high of $1.05, although the altcoin has yet to surpass the recent peak. On February 26, the altcoin reached a high of $1.06 before returning above the 21-day SMA. The uptrend will continue if the price bars remain above the moving average lines.

MATICUSD_( 4-hour Chart) - FEB..28.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 their research before investing in funds.

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