Polygon Approaches Bearish Fatigue Above $0.82 Mark

Polygon Approaches Bearish Fatigue Above $0.82 Mark

Source Node: 2096254
May 16, 2023 at 12:59 // Price

If buyers show up in the oversold area of the market, Polygon value will rally

The price of Polygon (MATIC) has fallen since May 11 and entered the oversold zone of the market. The cryptocurrency’s value fell to a low of $0.82 before rising back above that level.

Polygon price long-term forecast: bearish

At the time of writing, the price of MATIC is at $0.86. The price movement was delayed by the presence of Doji candles, which are small, indecisive candles. On the upside, the barrier at $1.00 or the 21-day line SMA stopped the upward movement. If the price moves above the moving average lines or the barrier at $1.20, Polygon will resume its uptrend. The altcoin could recover if the price moves back above the recent support. As the market approaches the oversold zone, further price declines are unlikely.

Polygon indicator analysis

The relative strength index for period 14 for the cryptocurrency asset is currently at 32. Before the resumption of the uptrend, the MATIC was back in the oversold area at RSI level 20. The price bars are below the moving average lines, but since Doji candlesticks are present, the price has hardly changed. MATIC is currently in negative momentum below the Stochastic level of 50 on the daily basis.

MATICUSD_(Daily Chart) – May 16.23.jpg

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What is the next move for Polygon?

Polygon has been consolidating above current support since May 11, when the price hit a low of $0.82. As the market approaches the oversold area of the market, selling pressure has eased. If buyers show up in the oversold area of the market, the cryptocurrency value will rally.

MATICUSD_(4 –Hour Chart) - May 16.23.jpg

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. Readers should do their own research before investing in funds.

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