Long-term Forecast of Polygon Price: Bearish
The bearish momentum has temporarily subsided as the altcoin’s price is moving between $0.60 and $0.80. Moreover, the cryptocurrency’s price is trading between the moving average lines as it strives to fall below the 50-day line SMA. At the time of writing, MATIC is trading at $0.69. If the 50-day support SMA is broken today, the altcoin will fall to $0.64. In the meantime, the downward movement has been gradual due to the Doji candlesticks.
Polygon Indicator Analysis
Polygon has entered the negative trend zone after the Relative Strength Index reached the level of 14 and 45. In the bearish trend zone, the altcoin could continue to fall. As it is between the moving average lines, MATIC is moving sideways. The altcoin is currently above the 70 level of the daily stochastic uptrend. The bullish momentum is approaching the overbought zone of the market.
What is the Next Move for Polygon?
The cryptocurrency value is still moving in a range. In the last four days, the price of the cryptocurrency has held above the support level of $0.60. This is due to the presence of doji candlesticks that limited the price movement.
