Polygon Maintains Its Sideways Pattern But Holds Above $0.79

Feb 07, 2024 at 10:00 // Price
Coin Idol
Polygon maintains its sideways pattern

The price of Polygon (MATIC) is in a sideways trend, trapped between two moving average lines.

Long-term Polygon price prediction: range 

The previous downtrend has weakened since January 23, 2024, resulting in a sideways trend. The sideways trend has kept the price reasonably steady over the past week. Polygon's current trading range is between $0.765 and $0.831. The cryptocurrency is now worth $0.791. The price fluctuation has been limited to the price range. Polygon will rise if buyers keep the price above the 50-day SMA or the resistance level at $0.83. Positive momentum will continue to build and reach previous highs of $0.95 and $1.05. In this line, Polygon will fall if it loses the $0.0765 level or falls below the 21-day SMA. The market will initially fall to its previous low of $0.69.

Analysis of the Polygon indicator

Last week, the cryptocurrency was trapped between the moving average lines, which caused its price to remain constant. In other words, the price bars lie between the moving average lines. If the moving average lines are breached, the cryptocurrency will fall or rise.

MATICUSD_( Daily Chart) - FEB.07.24.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 will continue to move sideways while stuck between the moving average lines. On the 4-hour chart, the cryptocurrency has fallen between the moving average lines. Since the price drop on January 23, 2024, the cryptocurrency has fluctuated between $0.076 and $0.831 price levels.

MATICUSD_( 4-hour Chart) - FEB.07.24.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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