The worth of Polygon (MATIC) continues to fall beneath the shifting common strains however is holding above the $0.59 help. Value evaluation by Coinidol.com.
Lengthy-term forecast for the Polygon worth: bearish
This week, the bulls sustained the decline above the $0.59 help. Furthermore, the altcoin reached a excessive of $0.75 earlier than getting into a buying and selling vary above the present help.
On the draw back, the bears tried to check the present stage twice however failed to take action. However, MATIC will drop to the underside of the chart if the bears break the present help of $0.59. Which means that the altcoin will retest its earlier lows of $0.50 and $0.31. The worth of the altcoin is presently fluctuating, however on the time of writing it stands at $0.67. Polygon will resume its upward momentum if patrons maintain the worth above the shifting common strains or break by means of the resistance at $1.00.
Evaluation of the Polygon indicator
The worth bars are beneath the shifting common, indicating that the cryptocurrency will proceed to say no. The bears are desperately attempting to push the cryptocurrency beneath the $0.59 help stage. The 21-day SMA can be slowing down upward actions. The bullish momentum will resume as soon as the worth breaks above the 21-day SMA.
Technical indicators
Resistance ranges: $1.20, $1.30, $1.40
Assist ranges: $0.60, $0.40, $0.30
What’s the subsequent transfer for Polygon?
Polygon is in a downtrend and has remained above the $0.59 help stage. On the 4-hour chart, the altcoin has been rising whereas consolidating above the $0.62 help. The bears have maintained their bearish momentum and are retesting the present help stage. A rebound above the present help will set off the upside transfer.
Disclaimer. This evaluation and forecast are the private opinions of the writer and usually are not a suggestion to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol.com. Readers ought to do their analysis earlier than investing in funds.