Polygon aims for $1.28 high again

Polygon aims for $1.28 high again

Mar 28, 2024, at 13:45

Polygon (MATIC), a trading system between moving average lines, uses the MATIC trades.

Polygon's price forecast: Bearish

Polygon's prices quickly remained the same after they fell below moving average lines in March. The cryptocurrency dropped from a previous high of $1.2 to a minimum of $0.91. Bulls have bought dips but price action is paused at $1.10.

It is currently trading below the 21-day SMA but above the 50-day SMA. If it continues to trend above the moving-averages, then the altcoin is likely to continue. Polygon was trading at $1.03 when this article was written.

If the price of cryptocurrency is above the SMA 21-day or $1.10 level, the positive trend will continue. MATIC will reach its previous high of $1.28. If the bulls do not break above the SMA 21-day, the current range of $0.91 to $1.1 will continue.

Analysis of the Polygon Indicator

The price bars for the cryptocurrency are located between the moving-average lines. The price tends to fluctuate around the moving average line. Doji candlesticks can slow down price movements. Moving average lines are inclined to move up, showing the previous trend.

Technical indicators

Resistance levels: $1.20 $1.30 $1.40

Support levels: $0.60, $0.40, $0.30

What's Next for Polygon?

Polygon has recovered from its prior decline. Resistance at $1.30 previously stopped the uptrend. Polygon's price has now retraced to a range between $0.91 and $1.10. If the cryptocurrency price breaks through this barrier, the altcoin is likely to perform well.

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Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as a endorsement by CryptoGuestPosts.com. Before investing in funds, readers should conduct their own research.


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