Polygon Bounces Above $0.50 But Misses The Last High

The latest price analysis by Coinidol.com report, Polygon (MATIC) price has been consistently trading above the support level of $0.50 since June 10.

Long-term forecast of the Polygon price: fluctuation range

The downward trend of MATIC came to a halt on June 10. Thereafter, the bears tested the current support level three times to resume the decline. On October 12, the bears were rejected above the $0.50 support when they tried to break the lower price area. The altcoin rose above the current support level but remained below the moving average lines.

At the time of writing, the altcoin was trading at $0.52. Price fluctuations have been limited to between $0.50 and $0.58 since August 17. The cryptocurrency is already trading in the oversold zone of the market. Buyers are expected to emerge at lower price levels.

Polygon indicator analysis

The moving average lines are horizontally sloped as long as the cryptocurrency is above the support level of $0.50. The altcoin has bounced between the moving average lines. MATIC is expected to grow when the price bars rise above the moving average lines in the shorter period.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next step for Polygon?

MATIC/USD is now trading in the lower area of the chart. Since the price decline on June 10, the current support level of $0.50 has held. Polygon's uptrend was rejected at the high of $0.89, which caused the altcoin to return to its previous low of $0.50. The cryptocurrency is now trading in a small range at the bottom of the chart.

Last week Coinidol.com reported that in the last 48 hours, MATIC rose above the moving average lines but encountered resistance at $0.58. The altcoin has retreated below the moving average lines. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/polygon-bounces-above-0-50/