Polygon’s Price Declines as it Enters Overbought Territory at $0.68

Cryptocurrency Analysts Report: Polygon (MATIC) Price Analysis

According to cryptocurrency analysts at Coinidol.com, the price of Polygon (MATIC) has experienced a decline following a price spike on July 13.

Long-Term Price Forecast for Polygon: Bearish Outlook

The altcoin encountered bearish exhaustion on August 7, reaching a low of $0.647. Buyers attempted to resume an uptrend after rejecting the previous high on July 13. Presently, the altcoin is trading at $0.67 as bulls capitalized on buying the dips.

Since the price drop on June 10, the cryptocurrency has been range-bound. The price range for Polygon has been confined within $0.60 to $0.80. If buyers manage to maintain the price above the moving average lines and breach the resistance at $0.80, the altcoin’s uptrend is anticipated to resume. Failure to surpass the recent high would likely keep the cryptocurrency range-bound.

Polygon Indicator Analysis

Polygon’s Relative Strength Index (RSI) with a 14-period setting has hit a bearish exhaustion at a level of 39. The Moving Average Convergence Divergence (MATI C) indicator remains within the downtrend zone. Price bars are correcting upwards but are still situated below the moving average line. The altcoin has entered an overbought region in the market, surpassing a daily stochastic value of 76. This situation indicates a potential sell-off in the overbought territory.

What Lies Ahead for Polygon?

Polygon is currently trading within a narrow range of $0.66 to $0.68. The price movement has been confined to this small range since August 4. The ongoing uptrend is facing resistance at $0.68, signifying that MATIC is currently overbought at this level.

On August 02, 2023, cryptocurrency analytics specialists from Coinidol.com noted that the bearish momentum has temporarily subsided, with the altcoin’s price fluctuating between $0.60 and $0.80. Additionally, the cryptocurrency’s price is positioned between the moving average lines as it strives to dip below the 50-day Simple Moving Average (SMA).