Polygon Reaches Historic Highs Of $0.75 and Retreats

Nov 08, 2023 at 10:04 // Price
Coin Idol
The Polygon indicator is in a gentle uptrend

The latest price analysis by Coinidol.com report, Polygon (MATIC) price has been increasing since October 19.

Long-term Polygon price prediction: bullish

The price forecast for the altcoin suggests that it will rise to a high of $0.76 or the 1.618 Fibonacci extension level. Polygon reached a high of $0.73 on November 6. Today, the altcoin has come off its recent high, falling to $0.71 at the time of writing. Polygon's uptrend could resume if it breaks back above the $0.66 breakout level. The cryptocurrency will rise to historical highs of $0.80 and $0.85. If Polygon falls below the $0.66 support level, selling pressure will increase again. The market will continue to fall and reach lows between $0.50 and $0.56. In the meantime, Polygon is still trading in a positive trend zone.

Polygon indicator analysis

The Polygon indicator is in a gentle uptrend as the moving average lines are sloping north, indicating an upswing. Support and resistance levels are represented by moving average lines. The cryptocurrency is rising as the price bars have once again risen above the moving average lines.

MATICUSD_(Daily Chart) –Nov. 7.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next move for Polygon?

Polygon has risen to near the projected price level of $0.76. The current rise came to a halt at the $0.75 barrier. In the meantime, additional gains in the cryptocurrency are unlikely as the market approaches the overbought territory. However, altcoin's upward movement depends on it staying above the $0.66 support level.

MATICUSD_ (4 Hour Chart) – Nov.7.23.jpg

Last week Coinidol.com reported that the bulls have accomplished this feat by breaking the current $0.50 to $0.60 range. On October 27, Polygon fell and retested the $0.60 support. 

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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