Polygon Surges Beyond $0.80 Amidst Growing Selling Momentum

Polygon (MATIC) Price Analysis

The price of Polygon (MATIC) has experienced bullish exhaustion, reaching a high of $0.98, and subsequently falling back to its previous lows.

Polygon Price Long-Term Prediction: Bullish

The altcoin initially dropped but found support above the moving average lines. The bearish momentum is repeating as bears retest the 21-day moving average line. At the time of writing, MATIC’s market price is $0.80.

On the downside, selling pressure may intensify if bears breach the 21-day SMA, causing MATIC to potentially fall further to $0.66. However, if Polygon retraces and finds support above $0.66, the cryptocurrency could return to a sideways trend.

Polygon Indicator Analysis

The price bars on the 4-hour chart have fallen below the moving average lines, signaling a continued downward trend. An overbought scenario is expected to contribute to the altcoin’s fall. The 21-day SMA on the 4-hour chart is lower than the 50-day SMA, indicating a bearish crossover and suggesting potential further decline.

Technical Indicators

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

What’s Next for Polygon?

MATIC has been trading between $0.78 and $0.95 since the cryptocurrency collapse. The price indication suggests continued descent. The altcoin reversed to the upside, retesting the candlestick body of the 61.8% Fibonacci retracement level on November 18. This correction implies that MATIC may fall to the 1.618 Fibonacci extension or $0.66.

Coinidol.com previously reported that Polygon retested the $0.95 price level on November 14.

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