Polygon Faces A Setback As Price Struggles To Atay Above $1.29

Polygon's (MATIC) price is recovering from an earlier downturn. MATIC price analysis by Coinidol.com on March 14, 2024.

Long-term Polygon price prediction: bullish

Previously, on October 9, 2023, the altcoin sank to the bottom of the chart. The altcoin recovered above the support level of $0.50 and broke above the moving average lines. Now, the price of the cryptocurrency is making a series of higher highs and higher lows. MATIC is now worth $1.23 at the time of writing.

The current rise is expected to reach a high of $1.56. The cryptocurrency previously peaked at $1.56 on February 13, 2023, but was then rejected. This will be the second attempt by buyers to break the barrier above $1.56. On the upside, a break above the $1.56 resistance level will propel the altcoin to a high of $2.50.

On March 7, Coinidol.com reported that MATIC has recovered from its previous downturn, but the rejection of the high has prompted the altcoin to return to its previous price range of $0.70 to $1.05. 

Analysis of the polygon indicator

In both charts, price bars above moving average lines indicate an uptrend. The 21-day SMA acts as a support level where the price of the cryptocurrency bounces off. A break below the 21-day SMA support will hinder the upward momentum. The Doji candlestick has dominated the price action.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next development for Polygon?

Polygon has recovered further and is approaching the next resistance level at $1.56. The resistance at $1.56 has been unbroken for a year. Buyers will have to overcome the next obstacle to ensure the cryptocurrency's full recovery.

However, if buyers fail to break through the resistance at $1.56, the altcoin will remain range-bound between the breakout level of $1.06 and its recent high.

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.