Polygon Falls To Previous Low And Risks Rejection At $0.58

Oct 04, 2023 at 07:53 // Price
Coin Idol
MATIC is currently in a restricted range

Cryptocurrency price analysis brought by Coinidol.com. Polygon (MATIC) price is currently trading above the lower price level of $0.50.

Long-term forecast of the Polygon price: fluctuation range

On June 10, the cryptocurrency value exceeded $0.50 and ended its fall. Bulls pushed the price to $0.89 by buying the dips. The price was prevented from falling below $0.58, giving the upper hand to the bears.

Buyers are currently struggling to break the barrier at $0.58 to the upside. The current price range for MATIC/USD is between $0.50 and $0.58. The altcoin rose to a high of $0.57 on October 1, but was rejected. The cryptocurrency price has since reversed and found support above the moving average lines. If buyers fail to sustain the bullish momentum above the moving average lines, the altcoin will fall back to its current support level of $0.50.

Polygon indicator analysis

After the recent rise, the cryptocurrency's price is now above the moving average lines. This suggests that the cryptocurrency value could be on the upswing. If the bears fall below the moving average lines, the MATIC will break down and return to the previous low.

MATICUSD_(Daily Chart) – OCT. 3.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next move for Polygon?

The altcoin is currently experiencing a rejection of the recent high and is still in an upward correction. The price of the altcoin is currently fluctuating between $0.50 and $0.58. The altcoin is currently in a restricted range and if these levels are broken, it will develop.

MATICUSD_ (4 Hour Chart) – OCT. 3.23.jpg

Last week Coinidol.com reported that since the negative trend ended on June 10, MATIC has been in a sideways trend. The altcoin fell to its previous low of $0.50 today before starting to rise. 

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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