Crypto GuestPosts

Price of Polygon is on a downward trend, but it is now correcting up. CryptoGuestPosts provides a price analysis.

Polygon's price forecast: Bearish

The rising correction ended on November 14, 2023, and the trend shifted to a sideways direction below the resistance level of $0.95.

Buyers tried pushing the cryptocurrency up to $95 resistance on January 11, 2024 but were rejected for the fourth consecutive time. Polygon is trading at $0.83 today. The altcoin has entered a zone of bearish trends, which makes an upward push very unlikely.

In the negative scenario, the market will continue falling and reach the next level of support around $0.75. Since November 21, 2023, the current support level of 0.75 hasn't been breached. The long candlestick tails also indicate significant buying at $0.75.

Analysis of the Polygon Indicator

The price bars of Polygon are below the moving-average lines. This indicates that the altcoin has been rejected at its $0.95 high. Price bars that are below the moving-average will speed up the coin's decline. The moving average lines on the 4-hour chart are sloping down, which indicates a decline.

Technical indicators

Resistance levels: $1.20 $1.30 $1.40

Support levels: $0.60, $0.40, $0.30

What's Next for Polygon?

Polygon's price is dropping below the moving average line. According to price predictions, Polygon is expected to fall to 1.618 Fibonacci or a low of $0.76. According to the current price, the altcoin is down to a minimum of $0.83. The cryptocurrency will find a support level and rise above $0.75.

CryptoGuestPosts had reported a week earlier that MATIC experienced a significant decline to a low $0.73 on 3 January before recovering.

Disclaimer. This analysis and forecast is the author's personal opinion and not a recommendation for buying or selling cryptocurrency. It should not be seen as a endorsement by CryptoGuestPosts. Before investing in funds, readers should research the market.

Since January 7, the price of Ripple (XRP) coin has been able hold above the $0.54 support level, indicating a recovery.

The altcoin has been pushed to the moving-average lines in anticipation of a positive trend.

The XRP Price Long-Term Forecast: Bearish

The cryptocurrency reached a peak of $0.62 before falling. Moving average lines limit the upward movement. XRP's price is currently $0.59.

If the price breaks over the moving average line, XRP's uptrend will resume. The cryptocurrency will continue rising and reach its previous highs of $0.67, and $0.75. The altcoin is expected to fall back down to its previous lowest price of $0.54, where there will be a lot of selling pressure.

Analysis of XRP indicators

XRP trades below the moving-average lines because buyers cannot sustain price bars above these lines. If the price bars remain below the moving-average lines, the altcoin is at risk of a drop. The movement of cryptocurrency price is also affected by the dominance of the price action.

Technical indicators

Key Resistance Levels - $0.80 & $1.00

Key Support Levels - $0.40 & $0.20

What's the next step for XRP?

After the price increase on January 3, XRP is now trading between $0.54 to $0.62. XRP has been falling and is approaching the lower price range. The price will be range bound if the altcoin retraces above the $0.54 resistance. If the bear breaks through the $0.54 resistance, the market will drop to the floor.

Coinidol reports that XRP fell below the moving-average lines last week and traded at $0.57 because of the depreciation.

Disclaimer. This analysis and forecast is the author's personal opinion and not a recommendation for buying or selling cryptocurrency. It should not be seen as an endorsement from Coinidol. Before investing in funds, readers should research the market.