Polygon Exits Bearish Trend Zone And Challenges $1.30 High

Mar 15, 2023 at 11:25 // Price
Coin Idol

Polygon (MATIC) is currently rising after the price decline on March 9. The altcoin crossed the moving average lines when it reached a high of $1.24 yesterday.

The altcoin is likely to cross the moving average lines. The uptrend will face resistance at $1.30 high.

Polygon price Long-term forecast: Bullish

The market is overbought around the $1.30 price level. The resistance level was tested twice more in February before it was finally breached. As a result, Polygon's price rose to a high of $1.56. If the $1.30 barrier is broken, the market will move up to its previous high of $1.56. 

If the cryptocurrency value is rejected at the high of $1.30, it will fall. The price of the altcoin will decline and stay in a range between $1.00 and $1.30. At the time of writing, the price is currently at $1.22.

Polygon Indicator Analysis

Polygon's price action is in the positive trend range according to the Relative Strength Index of the period 14 level 53. The altcoin can rise within the positive trend zone. The moving average lines will oscillate as the price bars are positioned in the middle of them. 

Polygon is now trading in the overbought region of the market. This is higher than the 80 level of the daily stochastic. It appears that sellers are pushing prices down in the overbought region.

MATICUSD(Daily Chart) - March 14.23.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 has left the bearish trend zone on the 4-hour chart after breaking above the moving average lines. During the March 13 bounce, a candlestick tested the 61.8% Fibonacci retracement line. The retracement predicts that MATIC could reach $1.29, or the level of the 1.618 Fibonacci extension. Since then, the altcoin has risen to a high of $1.22.

MATICUSD4 Hour Chart) - March 14.23.jpg

Disclaimer. This analysis and forecast is the personal opinion of the author and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol. Readers should do their own research before investing in funds.

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