Polygon Sinks Into Its Range After Rejection At $0.77

The price of Polygon (MATIC) is trading in a range below the moving average lines. Price analysis by Coinidol.com.

Polygon price long-term forecast: bearish

Earlier, the price of the altcoin was hovering between $0.63 and $0.75. Moreover, buyers kept the price above the 21-day SMA. However, the positive momentum was short-lived and Polygon traded at $0.77 on May 6. MATIC entered the current price range today after the price fell below the moving average lines.

If the downtrend breaks the current support at $0.63, the market will fall back to its previous low of $0.59. Nonetheless, the price range will remain if the existing support holds. In the meantime, MATIC is trading at $0.67.

Analysis of the polygon indicator

On the 4-hour chart, the altcoin is moving sideways between $0.63 and $0.75. The price bars are below and above the horizontal moving average lines, which indicate the current trend. The price bars are currently below the moving average lines, indicating that the altcoin is falling.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is Polygon's next move?

Polygon has extended its range-bound move above the $0.63 support. The price of the cryptocurrency experienced a false breakout above the 21-day SMA, leading to a rejection at the recent high. The altcoin has returned to its current range, which may fluctuate for a few more days.

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.