Polygon Price Dips Below $0.73 Before Bouncing Back

Long-term Polygon Price Prediction: Bearish

On December 27, the altcoin peaked at $1.09 before starting to fall. The resistance at $0.84 and the moving average lines are slowing down the rising movements. If Polygon breaks through these resistances, it will resume its uptrend. If Polygon encounters resistance at the moving average lines, bearish momentum will resume. The altcoin will drop to a low of $0.61. The bearish momentum could reach the bottom of the chart. The altcoin is currently selling for $0.81.

Analysis of the Polygon Indicator

The moving average lines are currently above the cryptocurrency price bars. The bearish momentum may continue as long as the price bars are below the moving average lines. The moving average lines on the 4-hour chart are sliding downwards, indicating the current decline.

Technical Indicators

  • Resistance levels: $1.20, $1.30, $1.40
  • Support levels: $0.60, $0.40, $0.30

What is the Next Step for Polygon?

After the current drop, Polygon is losing value. The altcoin saw a significant drop to a low of $0.73 on January 3 before rebounding. The strong buying pressure is indicated by the long candlestick tails at the $0.73 support level. If buyers find themselves at the $0.73 support level, the altcoin will resume its upward momentum.

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