Long-term Price Forecast
According to analysts at Coinidol.com, Polygon (MATIC) is currently trading above the moving average lines, indicating positive momentum in the market.
The long-term forecast for Polygon’s price is bullish. The bulls managed to break the previous resistance range of $0.50 to $0.60. On October 27, Polygon experienced a minor dip and retested the $0.60 support level. The cryptocurrency’s ability to hold this support suggests a continued upward trend. Currently, there is resistance at $0.66, which is hindering further upward movement. A retraced candlestick tested the 61.8% Fibonacci retracement line of the October 24 upswing. This retracement indicates that MATIC may rise to the 1.618 Fibonacci extension at $0.76. Presently, the altcoin is trading at $0.64.
Polygon Indicator Analysis
The price bars of Polygon are well above the moving average lines, indicating proximity to the overbought zone. In the lower time frame, the moving average lines are sloping horizontally while the altcoin maintains its high position at $0.66.
- Resistance Levels: $1.20, $1.30, $1.40
- Support Levels: $0.60, $0.40, $0.30
What to Expect Next?
Polygon is currently holding above the $0.60 level as buyers show strength by bouncing above the existing support. Bulls are preparing to retest the $0.66 resistance level. Analysts anticipate that the altcoin may rise to a high of $0.80 or even $0.85 per coin. However, in case the bullish scenario is invalidated, Polygon is likely to continue trading within a narrow range between $0.60 and $0.66.
Last week, Coinidol.com had reported an uptrend continuation towards the $0.85 mark. It’s important to note that the altcoin is currently in the overbought zone, indicating a cautious approach to trading.