Polygon Suffers Further Losses And Reaches The Previous Low Of $0.50

Cryptocurrency price analysis brought by Coinidol.com. The price of Polygon (MATIC) has fallen since the $0.90 resistance zone was breached.

Long-term forecast of the Polygon price: bearish

The cryptocurrency has continued to fall and is approaching the previous low of June 10. The decline will continue once the bears break the $0.50 support zone.

Nonetheless, buyers have been defending the current $0.50 support level for the past two months. At the time of writing, MATIC/USD is trading at $0.52. Resistance at $0.55 and the 21-day line SMA have halted the upward movement. If the bears retest support at $0.50, Polygon will see a rally or breakdown. If the bears break the current support, the altcoin will fall to a low of $0.45. On the other hand, a price rally would push the cryptocurrency above the moving average lines. The uptrend will continue to the high at $0.70.

Polygon indicator analysis

Polygon is correcting upwards and is now at the level of the Relative Strength Index of the period 14, level 38. The altcoin is still in a downtrend and could fall further. At the $0.55 resistance level, the price bars below the moving average. The MATIC is in an uptrend and is above the daily Stochastic level of 80. Polygon is likely to decrease as it approaches the overbought area.

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?

Polygon is currently in a range due to recent constraints. The cryptocurrency is currently trading between $0.50 and $0.55. Since the market is overbought, the cryptocurrency will fall even more. If the current support holds, the movement could continue within the range.

Last week Coinidol.com reported that the downtrend has ended above the $0.50 support since June 10. At the time this article was written, the market had risen to a low of $0.56. 

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.