Polygon Pauses When $0.60 Price Range Is Reached

Aug 16, 2023 at 14:00 // Price
Coin Idol
MATIC is deteriorating

Cryptocurrency price analysis brought by Coinidol.com. The price of Polygon (MATIC) has fallen into the oversold zone of the market.

Long-term forecast of the price of Polygon: bearish

The cryptocurrency's value fell from a high of $0.87 to a low of $0.62. Moreover, MATIC was trading in a range between $0.60 and $0.80. Polygon hoped to resume the uptrend on July 13, but buyers failed to maintain positive momentum above the $0.80 resistance level.

As a result, Polygon was rejected at the high of $0.87. The decline extended to the lowest price area. MATIC will regain the previous low at $0.50 if the current support is broken. Nevertheless, the cryptocurrency asset will resume its current movement within the trading range if the support at $0.60 holds.

Polygon indicator analysis

The recent slump has brought the cryptocurrency to the Relative Strength Index point 14 of level 31. This means that the cryptocurrency is reaching the oversold area of the market. The MATIC is deteriorating as the price bars are below the moving average lines. The altcoin is in the oversold area of the daily stochastic, below level 20. The market has reached a point of bearish exhaustion.

MATICUSD( Daily Chart) – AUG. 16.23.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?

The recent slide will end once the altcoin reaches the oversold region of the market. If the current support level of $0.60 holds, the altcoin will start its rise within the trading range. The market will rise to its previous high of $0.80.

MATICUSD_( 4 Hour Chart) – AUG. 16.23.jpg

Last week Coinidol.com reported that the altcoin experienced a bearish exhaustion on August 7 at a low of $0.647. Before rejecting the last high on July 13, buyers tried to resume an uptrend. 

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 own research before investing in funds.

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