Polygon Loses Value At $1.28 After Fierce Rejection

The price of Polygon (MATIC) slips below the moving average lines. Price analysis of MATIC coin by Coinidol.com.

Long-term forecast for the Polygon price: bearish

Resistance at $1.30 has slowed the cryptocurrency's recovery. Although the altcoin had previously peaked at $1.28, buyers were unable to sustain their gains beyond the $1.30 threshold.

At the time of writing, Polygon had fallen to a low of $0.877. MATIC is at risk of a further decline as the price of the cryptocurrency is below the moving average lines.

Polygon recovered in the last trading session after falling to a low of $0.49. However, despite the drop, the altcoin is still trading above the current support. If MATIC breaks the moving average lines and recovers above the $0.90 support level, it will resume its uptrend. The value of the altcoin will rise and reach the previous highs of $1.20 and $1.28 again.

Analysis of the Polygon indicator

The altcoin is in a downtrend, with price bars below the moving average lines. The altcoin could fall further as it is in a bearish trend zone. Moreover, the polygon indicator shows a bearish crossover as the 21-day SMA falls below the 50-day SMA. This suggests a downtrend, which means that the cryptocurrency will continue to decline.

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 is currently trading in the bearish trend zone or below the moving average lines. The altcoin is correcting upwards. Selling pressure will increase again if the cryptocurrency is rejected at the 21-day SMA. The altcoin is trading in a narrow range from $0.87 to the 21-day SMA or resistance at $1.00. MATIC will develop a trend once the current levels are broken.

Coinidol.com reported last week that the altcoin may continue its trend if it breaks above the moving averages. Polygon was trading at $1.03 on March 28, 2024. 

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.