Polygon loses ground and could reach its $0.75 low again

Polygon loses ground and could reach its $0.75 low again

Jan 17, 2024, 13:20 // Price

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.

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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.


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