Polygon Suffers A Setback As It Is Unable To Overcome The High Of $1.28

The price of Polygon (MATIC) has fallen below the moving average lines. Price analysis by Coinidol.com.

Long-term forecast for the Polygon price: bearish

On March 13, 2024, during the last rise, the altcoin peaked at $1.28, as previously reported by Coinidol.com.

Now, the cryptocurrency was expected to rise to the next resistance level at $1.56, but was rejected. MATIC has suffered a setback, with the recovery falling below the breakout level of $1.09. The cryptocurrency is now worth $0.9891 as this article is being written.

On March 20, buyers tried to hold the price above the 50-day SMA but are struggling to keep the bullish momentum above it. The value of the altcoin will rise if the buyers are successful. On the downside, selling pressure will pick up again if the MATIC is rejected at the 50-day SMA. The value of the altcoin will decline and return to its previous low of $0.70.

Analysis of the polygon indicator

The polygon indicator will continue to decline as the price bars are below the moving average lines. If the MATIC is unable to move above the moving averages, its price will decline. On the 4-hour chart, the price of the cryptocurrency is rejected at the 21-day SMA.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What's next for Polygon?

On the 4-hour chart, Polygon has come under renewed selling pressure, although the slide has paused above the $0.90 support level. Since the breakdown, the price of the cryptocurrency has shown a pattern of lower highs and lower lows. The crypto price has retested the 21-day SMA but failed to surpass it. Polygon is now trading between $0.90 and $1.00. MATIC will fall if it loses its $0.90 support.

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.