Polygon Slips To $0.72, But Can Not Hold Recent Uptrend

Jul 19, 2023 at 12:00 // Price
Coin Idol
Polygon has entered the range bound zone

Cryptocurrency analysts of Coinidol.com report, Polygon (MATIC) price has fallen to the range between $0.70 and $0.80.

Long-term forecast of the Polygon price: bearish

The decline could go to $0.72, which is within the range. Buyers broke through the moving average lines and resistance at $0.80, but failed to sustain the upside momentum to the previous highs. If the upward momentum continues, MATIC could reach a high of $1.20.

At the time of writing, MATIC is trading at $0.74. On the negative side, the current slide will continue until the price reaches a low of $0.72 or a level above the moving average lines. If the price finds support above the moving average lines, the uptrend will resume. The resistance level of $0.80 will be tested again. If the altcoin falls and stays above the lower price range, the movement will continue within the range.

Polygon Price Indicator Analysis 

After the pullback, Polygon is back in the bullish trend zone. The relative strength index is 52 in period 14, and the altcoin will continue to rise in value. If the price bars stay above the moving average lines, a rising trend is required. The cryptocurrency value has reached the oversold zone of the market. The MATIC is below the daily stochastic level of 20. Bearish fatigue has been reached for this altcoin.

MATICUSD(Daily Chart) – July 18.23.jpg

Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next step for Polygon?

Polygon has entered the range bound zone, which indicates that the sideways trend will continue. The cryptocurrency is now trading between $0.70 and $0.80. For a few more days, the altcoin will be limited. MATIC will develop when the range boundary thresholds are crossed.

MATICUSD_(4 Hour Chart) – July 18.23.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 own research before investing in funds.

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