Polygon recovers and takes aim at the high of $1.28 again

Mar 28, 2024 at 12:45 // Price
Coin Idol

Polygon (MATIC) trades between the moving average lines.

Long-term forecast for the Polygon price: bearish

Polygon's price quickly remained unchanged after falling below the moving average lines on March 19. The cryptocurrency fell from its previous high of $1.28 to a low of $0.91. The bulls bought the dips, but the price action has paused around the high of $1.10.

It is currently trading above the 50-day SMA support but below the 21-day SMA resistance. The altcoin will continue its trend if it breaks above the moving averages. Polygon is trading at $1.03 at the time of writing.

The positive trend will resume if the price of the cryptocurrency rises above the 21-day SMA or the $1.10 resistance level. MATIC will return to the previous high of $1.28. If the bulls fail to break above the 21-day SMA, the current price range of $0.91 to $1.10 will remain.

Analysis of the Polygon indicator

The price bars of the cryptocurrency lie between the moving average lines. Prices tend to fluctuate between the moving average lines. The presence of doji candlesticks slows down the price movement. The moving average lines tend to move upwards, indicating the previous trend.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( Daily Chart) - March 27.jpg

What's next for Polygon?

Polygon is recovering from its previous decline. The uptrend was previously halted by resistance at $1.30. Polygon has retraced and is now trading in a limited range of $0.91 to $1.10. The altcoin will perform if the price of the cryptocurrency breaks through the barrier.

MATICUSD_( 4-Hour Chart) - March 27.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.

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