Polygon Could Resume Its Uptrend, But Rejection At $1.20 Is Likely

Polygon (MATIC) has reached a high of $1.30 and is currently trending upwards.

Polygon price long term forecast: bullish

The cryptocurrency asset's price has risen to its all-time high of $1.30, which is in line with its historical price on November 5, 2022. Buyers failed to maintain the positive momentum above the recent high. Today, MATIC rose above the 50-day line SMA and fell below the 21-day line SMA. After a short setback, the altcoin is still in the uptrend zone. The altcoin will retest the overriding resistance at $1.30 if the crypto price recovers and breaks the $1.20 resistance level. If the current slide continues, the cryptocurrency will fall even further to a low of $1.00 or higher than the 50-day line SMA. At the time of writing, MATIC is trading at $1.17. 

Polygon indicator analysis

The Relative Strength Index for the 14 period is at 53, which places the cryptocurrency asset in the uptrend zone. The altcoin could move upwards again. The price of the altcoin has fallen between the moving average lines, which indicates that it could move in a range. Above the 25 level of the daily stochastic, the altcoin is in a positive momentum.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next step for Polygon?

After rejecting the high at $1.30, Polygon is now in a downtrend. Above the support of $1.15, the decline has stopped. As the bulls bought the dips, the altcoin dropped to the oversold level earlier. Polygon could resume its uptrend, but could be rejected at $1.20.

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.