Polygon Rebounds Within its Scope Following Rejection at $0.83

Polygon (MATIC) Price Update

Polygon (MATIC) has been trading sideways since the end of the November 14 rally. The cryptocurrency fell to a low of $0.72 before continuing its sideways movement.

Polygon Price Long-Term Forecast: Ranging

Cryptocurrency price Analysis by Coinidol.com. The decline is likely to have continued to the low of $0.66 or below the 50-day simple moving average. Despite this, Polygon has made an upward correction above the moving average lines, but this has been rejected. If the price falls below the 21-day SMA, selling pressure will resume. At the time of writing, Polygon is trading at $0.80. The negative downtrend would continue if the 21-day SMA support is broken.

Polygon Indicator Analysis

The price of the cryptocurrency falls below the 21-day SMA, resulting in a low below the 50-day SMA. The failed upward correction will drive the cryptocurrency’s downtrend. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.

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 falling and could reach the targeted low of $0.66. In the previous price action, the market hit a low of $0.72 before reversing higher. MATIC’s projected price level will be reached if the bears manage to break through the current support.