Polygon Rises To High Of $0.89, But Risks Further Price Decline

May 23, 2023 at 15:36 // Price
Coin Idol
Polygon will continue to move down

The price of Polygon (MATIC) is down and continues its downward trend.

Polygon price long-term forecast: bearish

Today, the altcoin is testing the 21-day line SMA again. If MATIC is rejected at the 21-day line SMA, selling pressure will increase. The downward movement was slowed down by the presence of Doji candlesticks, but the tool analysis predicts that the downward trend will continue. On March 9, MATIC completed an upward correction and a candlestick tested the 61.8% Fibonacci retracement level. The correction suggests that MATIC will fall to the Fibonacci extension level of 1.618 or the level of $0.58.

Analysis of the polygon indicator

For two weeks, the Polygon indicator is at the level 45 of the Relative Strength Index. Despite the upward correction, the cryptocurrency value is in the uptrend zone. The altcoin is bearish as the price bars are below the moving average lines. The altcoin has currently moved up into the overbought zone of the market. The MATIC is recording positive momentum above the daily stochastic of 80. If sellers appear in the overbought area, the altcoin will fall.

MATICUSD_(Daily Chart) - May 23.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next move for Polygon?

Polygon will continue to move down after the recent upward correction. The price of the altcoin has risen into an overbought area of the market. It seems that sellers are bringing prices down in the overbought area. The price indicator has shown that the price of cryptocurrencies would continue to fall.

MATICUSD(4 –Hour Chart) - May 23.23.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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