Polygon Wavers As Buyers Restore Uptrend Above $0.55

The downtrend in Polygon (MATIC) has reached its bearish exhaustion.

Long-term forecast of the Polygon price: bearish

Likewise, the cryptocurrency asset has fallen to the predicted price level. At the time of writing, the altcoin is trading at $0.60. The downtrend has weakened since June 10 as the altcoin resumes its movement above the current support. Polygon has been trading in a narrow range between $0.55 and $0.65 over the past week. Due to the presence of Doji candlesticks, buyers and sellers failed to break the range. Doji candlesticks indicate a decline in the price movement. However, if buyers keep the price above the $0.65 resistance level, MATI C will rise to a high of $0.80 or $0.90. In the meantime, the price will continue to move within the trading range for a few more days.

Analysis of the Polygon indicator

The Polygon indicator is still in the oversold zone of the market. For the 14 period, MATIC is trading between Relative Strength Index values 18 and 29, with price bars below the moving average lines that are causing the current decline. The bearish momentum has slowed and is now below the 50 level of the Stochastic on the daily chart. Buyers are trying to restore a bullish momentum.

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 has reached the oversold area of the market. Buyers are likely to be attracted to lower price levels, driving the uptrend. Meanwhile, altcoin is retesting the $0.65 resistance level to break the recent high.

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. Readers should do their own research before investing in funds.