Polygon Falls Within Its Range After Rejection At $0.83

Dec 05, 2023 at 10:35 // Price
Coin Idol

Polygon (MATIC) has been trading sideways since the end of the November 14 rally. The cryptocurrency fell to a low of $0.72 before continuing its sideways movement.

Polygon price long term forecast: ranging

Cryptocurrency price analysis by Coinidol.com. The decline is likely to have continued to the low of $0.66 or below the 50-day simple moving average. Despite this, Polygon has made an upward correction above the moving average lines, but this has been rejected. If the price falls below the 21-day SMA, selling pressure will resume. At the time of writing, Polygon is trading at $0.80. The negative downtrend would continue if the 21-day SMA support is broken.

Polygon indicator analysis

The price of the cryptocurrency falls below the 21-day SMA, resulting in a low below the 50-day SMA. The failed upward correction will drive the cryptocurrency's downtrend. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_(Daily Chart) –Dec.05.jpg

What is the next move for Polygon?

Polygon is falling and could reach the targeted low of $0.66. In the previous price action, the market hit a low of $0.72 before reversing higher. MATIC's projected price level will be reached if the bears manage to break through the current support.

MATICUSD_ (4 Hour Chart) – Dec.05.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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