Price of Polygon is on a downward trend, but it is now correcting up. CryptoGuestPosts provides a price analysis.
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.
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.
Resistance levels: $1.20 $1.30 $1.40
Support levels: $0.60, $0.40, $0.30
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 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.
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.
Key Resistance Levels - $0.80 & $1.00
Key Support Levels - $0.40 & $0.20
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.
Polygon (MATIC), price falls below moving average lines. CryptoGuestPosts.com's Polygon price analysis.
The altcoin reached its highest point on December 27 at $1.09, before it began to decline. The moving average and resistance at $0.84 are slowing the upward movement. Polygon will resume its upward trend if it breaks through these barriers. Polygon's bearish momentum will return if it encounters resistance near the moving average line. The altcoin is expected to drop as low as $0.61. The downward momentum may reach the bottom of chart. Altcoins are currently being sold for $0.81.
The moving average lines are above the price bars of cryptocurrency. As long as the price bars remain below the moving average line, the bearish momentum could continue. Moving average lines are moving downwards on the 4-hour chart, which indicates the current decline.
Resistance levels: $1.20 $1.30 $1.40
Support levels: $0.60, $0.40, $0.30
Polygon's value is dropping after the recent drop. The altcoin experienced a steep drop on January 3, reaching a low of just $0.73 before recovering. Long candlestick tails indicate strong buying pressure at the $0.73 level of support. The altcoin's upward momentum will be resumed if buyers are found at the $0.73 level.
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 an endorsement from CryptoGuestPosts. Before investing in funds, readers should research the market.