Polygon Maintains Its Sideways Pattern But Faces Rejection At $0.81

Jan 31, 2024 at 10:45 // Price
Author
Coin Idol

Polygon (MATIC) price falls below moving average lines but moves higher. Analysis of Polygon price charts by Coinidol.com.

Long-term Polygon price prediction: range

It was predicted that the cryptocurrency value would rise and fully recover from its previous downturn. During the last rally, the market reached a high of $0.98 before reversing. Buyers were unable to sustain their buying momentum above the $1.00 level. The current horizontal trend is the result of the uptrend that will end on November 14, 2023.

Polygon is currently trading in a sideways pattern between the price levels of $0.69 and $1.00.

The altcoin is trading above the lower price level. The moving average lines have limited the upward movements. Today, MATIC is bearish after being rejected at the 21-day SMA. The current uptrend could continue if buyers keep the price above the moving average lines and the $1.00 resistance level is broken.

Analysis of the polygon indicator

The moving average lines are horizontal, but the price bars are below these lines. The price bars below the moving average lines could cause the coin's price to fall further. The price movement was limited by the doji candlesticks.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

MATICUSD_( Daily Chart) - Jan. 31.jpg

What is the next development for Polygon?

Polygon is currently in a sideways trend as the last upswing has failed. The sideways trend will continue if the current price fluctuations are not broken. For example, if the buyers break through the resistance at $1.00, MATIC will resume its rise. Similarly, if the bears break the support at $0.69, the downtrend will begin.

MATICUSD_( 4-hour Chart) - Jan. 31.jpg

On January 23, Coinidol.com reported that Polygon was pulling after retesting the current support level of $0.73.

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.

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