The Price Recovery of Polygon (MATIC)
The price of Polygon (MATIC) has successfully recovered from its previous downturn, showing signs of a bullish trend.
Long-term Polygon Price Prediction
Today’s upward correction reached a high of $1.09 before retracing below the previous high. As of the latest update, Polygon is currently trading at $0.97.
Despite the recent dip, Polygon had reached a notable high of $1.56 in February 2023, only to experience a subsequent crash. Buyers are now actively driving the cryptocurrency’s value higher, aiming to recover from the previous peak of $1.50. The altcoin briefly dipped to a low of $0.94 before resuming its upward trajectory. A decisive break above the resistance at $1.09 is anticipated to reinforce the upward trend.
Analysis of the Polygon Indicator
The bullish uptrend regained momentum as price bars retraced above the moving average lines. Notably, the moving average lines are sloping northward, and the price bars exhibit higher highs and lower lows. A downturn is observed when the price falls below the moving average lines.
Technical Indicators
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
What is the Next Move for Polygon?
Polygon is steadily regaining ground and continuing its ascent towards reclaiming previous highs. The digital asset is predicted to reach a high of $1.50 before aiming for the overhead resistance level of $2.50. Currently, the altcoin is trading in the range of $0.96 to $1.10, positioning itself for the second leg of the upward movement.
According to a report on Coinidol.com from December 26, buyers have been defending the current price of $0.75 on the downside. Bulls have successfully bought the dips twice as the altcoin remains above the current support.
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