Coinidol.com cryptocurrency market analysis. The price of Polygon (MATIC) has reached a new low of $0.72.
Polygon price has now fallen to a low of $0.70. Further declines are unlikely as MATIC is trapped between the moving average lines.
If the bears break below the 50-day simple moving average, the negative momentum will extend to the lower price area of $0.060. Polygon has been moving in a range between $0.60 and $0.80 since the June 10 price drops, but today the decline has ended and the altcoin has started to trade sideways between the moving average lines.
If the bears break below the 50-day line SMA, MATIC will fall to the lower price level of $0.60. If the bulls manage to break above the 21-day line SMA, the altcoin will retest its previous high of $0.80. If the trading range boundaries are broken, the altcoin will resume its trend.
The recent decline has pushed the cryptocurrency to a Relative Strength Index of 14 levels 45. MATIC is now in a negative trend and could fall below its previous low. Polygon is still trading in the oversold zone of the market. The price of the cryptocurrency is below the daily Stochastic level of 20. The downward momentum has dissipated.
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
Polygon will maintain its range-bound zone as long as the altcoin stays between $0.60 and $0.80. At the low of $0.70, the price indicator pointed to a likely decline and reversal. Today, the altcoin is trading above the $0.70 support level.
Last week, Polygon has entered the range bound zone, which indicated that the sideways trend will continue.
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.