Polygon Is In A Downtrend, But Remains Stuck At The $0.94 Low

Polygon (MATIC) has continued its slide, attempting to break above the previous low of $0.94.

Polygon price long-term forecast: bearish

If the price falls below the previous low of $0.94, selling pressure will increase. In the downtrend zone, the price fell to a low of $0.96 today. A bearish candlestick tested the 61.8% Fibonacci retracement line of the March 10 downtrend. After the adjustment, MATIC will fall to the 1.618 level of the Fibonacci sequence or $0.57. The altcoin is currently bearish as it approaches its previous low.

Polygon indicator analysis

Polygon is at level 34 of the Relative Strength Index for the period 14.

The cryptocurrency value is in a downtrend and may continue to deteriorate. Since the price bars are below the moving average lines, a further decline is likely. The oversold area of the market is where Polygon has fallen. Bearish fatigue has been reached in the downtrend. The daily stochastic is currently below the level of 20. In the oversold area, we expect the emergence of buyers.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $1.00, $0.90, $0.80

What’s next for Polygon?

The downtrend of Polygon is expected to continue if the existing support is broken. Currently, there is little downward pressure. The price indicator predicts that the cryptocurrency asset will continue to fall and reach a low of $0.57.

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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