Polygon Stays Firm Above $0.60 But Moves In A Range

Aug 02, 2023 at 13:00 // News
Coin Idol
Polygon (MATIC) price is bearish

Polygon (MATIC) price is bearish despite trading between moving average lines.

Long-term forecast of the Polygon price: bearish

The bearish momentum has temporarily subsided as the altcoin's price is moving between $0.60 and $0.80. Moreover, the cryptocurrency's price is trading between the moving average lines as it strives to fall below the 50-day line SMA. At the time of writing, MATIC is trading at $0.69. If the 50-day support SMA is broken today, the altcoin will fall to $0.64. In the meantime, the downward movement has been gradual due to the Doji candlesticks.

Polygon indicator analysis

Polygon has entered the negative trend zone after the Relative Strength Index reached the level of 14 and 45. In the bearish trend zone, the altcoin could continue to fall. As it is between the moving average lines, MATIC is moving sideways. The altcoin is currently above the 70 level of the daily stochastic uptrend. The bullish momentum is approaching the overbought zone of the market. 

MATICUSD(Daily Chart) – AUG. 2.23.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 cryptocurrency value is still moving in a range. In the last four days, the price of the cryptocurrency has held above the support level of $0.60. This is due to the presence of doji candlesticks that limited the price movement.

MATICUSD_(4 Hour Chart) – AUG.2.23.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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