Polygon Falls To Its $0.50 Low, Bears Threaten Short

Cryptocurrency analysts of Coinidol.com report, Polygon (MATIC) price is bearish and has retested the June 10 low.

Long-term forecast of the Polygon price: bearish

Since the negative trend ended on June 10, MATIC has been in a sideways trend. The altcoin fell to its previous low of $0.50 today before starting to rise. At the time of writing, MATIC’s price is at $0.52. The previous low of $0.50 has been retested three times by the bears, but each time they recovered. On the positive side, the 21-day line SMA stopped the upward movement. However, the downtrend will continue if the bears break the current support level of $0.50. The cryptocurrency value will then fall even further and reach a low of $0.45.

Polygon indicator analysis

Polygon’s decline has continued as the Relative Strength Index of period 14 approaches level 41. The altcoin is in a bearish trend zone and could fall further. The price bars are above the moving average lines that have stopped the further rise of the coin. Above the daily stochastic level of 70, the upward momentum has slowed down.

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?

The cryptocurrency value has dropped even further and has returned to its previous low of $0.50. As the altcoin has dropped to the current support, the bears now have the upper hand. If Polygon rises back above the current support, the trend will become positive again. If the altcoin loses its current support of $0.50, it will continue its decline.

On September 15, 2023 cryptocurrency analytics specialists of Coinidol.com stated that The cryptocurrency has continued to fall and is approaching the previous low of June 10. The decline will continue once the bears break the $0.50 support zone. 

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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