Polygon Price Gives Way But Recovers Above The $0.73 Low

Jan 09, 2024 at 16:22 // Price
Coin Idol

Polygon (MATIC) price sinks below the moving average lines. Polygon price analysis by Coinidol.com.

Long-term Polygon price prediction: Bearish

On December 27, the altcoin peaked at $1.09 before starting to fall. The resistance at $0.84 and the moving average lines are slowing down the rising movements. If Polygon breaks through these resistances, it will resume its uptrend. If Polygon encounters resistance at the moving average lines, bearish momentum will resume. The altcoin will drop to a low of $0.61. The bearish momentum could reach the bottom of the chart. The altcoin is currently selling for $0.81.

Analysis of the polygon indicator

The moving average lines are currently above the cryptocurrency price bars. The bearish momentum may continue as long as the price bars are below the moving average lines. The moving average lines on the 4-hour chart are sliding downwards, indicating the current decline.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( Daily Chart) - Jan. 09.jpg

What is the next step for Polygon?

After the current drop, Polygon is losing value. The altcoin saw a significant drop to a low of $0.73 on January 3 before rebounding. The strong buying pressure is indicated by the long candlestick tails at the $0.73 support level. If buyers find themselves at the $0.73 support level, the altcoin will resume its upward momentum.

MATICUSD_( 4 Hour Chart) - Jan.09.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 the research before investing in funds.

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