Polygon Faces Resistance at $0.58 After Falling to Previous Low

Introduction

On June 10, Polygon’s cryptocurrency value exceeded $0.50 and then experienced a fall. Bulls managed to push the price up to $0.89 by buying the dips. However, the price was prevented from falling below $0.58, giving bears the upper hand.

Current Price Range

Buyers are currently struggling to break the barrier at $0.58 to the upside. The current price range for MATIC/USD is between $0.50 and $0.58. The altcoin briefly rose to a high of $0.57 on October 1 but faced rejection. Since then, the cryptocurrency price has reversed and found support above the moving average lines. If buyers fail to sustain the bullish momentum above the moving average lines, the altcoin will likely fall back to its current support level of $0.50.

Polygon Indicator Analysis

After the recent rise, the cryptocurrency’s price is now above the moving average lines, indicating a potential upswing. However, if the bears manage to push the price below the moving average lines, MATIC will break down and return to the previous low.

Technical Indicators

• Resistance levels: $1.20, $1.30, $1.40
• Support levels: $0.60, $0.40, $0.30

Next Move for Polygon

The altcoin is currently facing rejection from the recent high and is undergoing an upward correction. Its price is fluctuating between $0.50 and $0.58, indicating a restricted range. If these levels are broken, significant developments are expected.

Last week, Coinidol.com reported that since the negative trend ended on June 10, MATIC has been in a sideways trend. The altcoin briefly fell to its previous low of $0.50 before starting to rise again.