Polygon Holds Above $0.59 Despite The Ongoing Threat From The Bears

The price of Polygon (MATIC) continues to fall below the moving average lines but is holding above the $0.59 support. Price analysis by Coinidol.com.

Long-term forecast for the Polygon price: bearish

This week, the bulls sustained the decline above the $0.59 support. Moreover, the altcoin reached a high of $0.75 before entering a trading range above the current support.

On the downside, the bears attempted to test the current level twice but failed to do so. Nevertheless, MATIC will drop to the bottom of the chart if the bears break the current support of $0.59. This means that the altcoin will retest its previous lows of $0.50 and $0.31. The value of the altcoin is currently fluctuating, but at the time of writing it stands at $0.67. Polygon will resume its upward momentum if buyers keep the price above the moving average lines or break through the resistance at $1.00.

Analysis of the Polygon indicator

The price bars are below the moving average, indicating that the cryptocurrency will continue to decline. The bears are desperately trying to push the cryptocurrency below the $0.59 support level. The 21-day SMA is also slowing down upward movements. The bullish momentum will resume once the price breaks above the 21-day SMA.

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 in a downtrend and has remained above the $0.59 support level. On the 4-hour chart, the altcoin has been rising while consolidating above the $0.62 support. The bears have maintained their bearish momentum and are retesting the current support level. A rebound above the current support will trigger the upside move.

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.