Polygon Is In An Uptrend, But Is Facing Resistance At $0.90

The price of Polygon (MATIC) has resumed its positive momentum and has risen above the moving average lines. MATIC price analysis by Coinidol.com.

Long-term forecast for the Polygon price: bullish

The price of the cryptocurrency retested the 50-day SMA before resuming its uptrend. At this point, the altcoin is trading at $0.88. The bullish momentum is expected to reach a high of $0.96. However, MATIC will encounter resistance at a high of $0.95.

Meanwhile, the uptrend hits a first resistance at $0.90. If the altcoin is rejected at its current high, it will be forced to trade sideways between $0.86 and $0.90. In the meantime, Polygon is maintaining an uptrend.

Analysis of the Polygon indicator

After the breakout on February 12, 2024, the price bars returned above the moving average lines. The value of the altcoin has risen as prices have recovered. On the 4-hour chart, the price bars are above the upward moving average lines.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What’s next for Polygon?

The 4-hour chart of Polygon shows a steady rise. The current rise has peaked at $0.90. If the altcoin is rejected at its recent peak of $0.90, it is likely to see price fluctuations. The altcoin will trade above the moving average lines but below the $0.90 resistance.

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-facing-resistance/