Long-term Price Forecast for Polygon
The upward momentum of Polygon’s price was rejected on August 29 when it reached a high of $0.65. The altcoin has now dropped below the critical support level of $0.60. This support level had held during previous price actions. Should the bulls fail to reclaim the support at $0.60 or the 21-day line SMA, MATIC could experience a decline and revisit its previous low of $0.50. In contrast, if the bulls manage to break above the moving average lines, the altcoin’s price is expected to rise, potentially continuing its uptrend towards the $0.85 high. As of now, Polygon has fallen to a current low of $0.58.
Polygon Indicator Analysis
Currently, Polygon is trading with a Relative Strength Index (RSI) of 44, indicating a bearish trend. The price bars are situated below and have been rejected by the moving average lines, suggesting that the price may continue its downward trajectory. However, the altcoin is showing some momentum above the daily stochastic threshold of 40.
What Lies Ahead for Polygon?
As Polygon’s upward movement faces resistance from the moving average lines, the altcoin’s value is currently declining. It’s approaching its previous low of $0.50. If this previous price low manages to hold, the cryptocurrency asset is likely to continue trading within the range of $0.50 to $0.60. It’s worth noting that on August 23, we reported that the cryptocurrency’s price had maintained itself above the support level of $0.52 for the past week. Interestingly, this price level coincides with the historical price from June 10.