Polygon (MATIC) price has risen above the 21-day line SMA but is currently below the 50-day line SMA, indicating a bearish correction.
If buyers manage to keep the price above the moving average lines or the $1.20 level, the current downturn would be over. The cryptocurrency will continue to rise until it reaches its previous high of $1.50. In the meantime, the price of MATIC is at $0.91. The cryptocurrency has been trapped inside the moving average lines since May 26. Once the moving average lines are crossed, Polygon will reenter the trend. For example, the decline will resume when the bears break the 21-day line SMA. The market will fall until it reaches its previous low of $0.82.
The Polygon indicator is at the 49 level of the Relative Strength Index due to the recent correction. As supply and demand are in balance, the price of the altcoin has reached its equilibrium level. As the altcoin is within the moving average lines, the price of the cryptocurrency will resume its movement within the trading range. As the MATIC is below the daily stochastic value of 20, it has moved into the oversold area of the market.
Resistance levels: $1.20, $1.30, $1.40
Support levels: $1.00, $0.90, $0.80
Polygon is accurately moving towards the uptrend zone. The uptrend is currently encountering the resistance of the high at $0.94. Two attempts by buyers to surpass the recent high have failed. The cryptocurrency will move sideways again where the recent high is still intact.
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. Readers should do their own research before investing in funds.