Polygon Price Stops When It Hits A $1.00 Barrier

Feb 20, 2024 at 15:58 // Price
Coin Idol

Today the uptrend was halted by resistance at $1.00. Polygon (MATIC) price analysis by Coinidol.com.

Polygon price long term forecast: fluctuation range

Polygon (MATIC) price has been moving sideways since November 14, 2023, trading below the $1.05 resistance (overhead). The crypto asset has been trading above the moving average lines as it rallied and tested the overhead barrier. Buyers drove the altcoin to retest the $1.05 resistance. Polygon is trading at $0.98 at the time of writing.

The altcoin is currently on the rise, although it is facing resistance at its high of $1.00. If buyers break through the initial resistance, the altcoin will rise to a high of $1.07. Polygon will fall if it is rejected at its recent high. The altcoin will fall above the moving average lines or the low at $0.74.

Analysis of the Polygon indicator

The price bar is above the moving average lines and retesting the overhead resistance at $1.05. The altcoin is showing a bullish crossover with the 21-day SMA crossing above the 50-day SMA. This allows traders to place bullish orders.

Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( 4-hour Chart) - FEB..20.jpg

What is Polygon's next move?

The 4-hour chart shows that Polygon is in an uptrend. The price of the cryptocurrency is forming a series of higher highs and higher lows. The upswing came to a halt when it hit resistance at $1.00. The MATIC has slipped above the moving average lines and has resumed consolidation above them.

The current uptrend will continue if the price remains above the moving average lines. If the price falls below the moving average lines, the MATIC will resume its downward trend.

MATICUSD_( Daily Chart) - FEB.20.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.

Show comments(0 comments)