Polygon Reaches Bearish Fatigue And Remains Above $0.60

Jun 27, 2023 at 10:52 // Price
Author
Coin Idol
Polygon is currently trading at the bottom of the chart

Cryptocurrency analysts of Coinidol.com report, Polygon (MATIC) price is moving in a limited trading range in the lower part of the chart.

Long-term forecast of the Polygon price: bearish

The bears have successfully pushed Polygon to its previous low of $0.75. The cryptocurrency price fell to another low of $0.50 before the bulls bought the dips on June 10.

Today, Polygon is trading for $0.66. Since the price is now within a range, it has not changed. MATIC is currently trading between $0.60 and $0.70 per Polygon unit. The 21-day line SMA or resistance at $0.70 has stopped the upward movement.

According to the price indicator, the altcoin has reached its required bottom at the 1.618 Fibonacci extension level or $0.57. Polygon will reach $1.00 if buyers manage to keep the price above the moving average lines. Polygon is limited to a small range below the high of $0.70.

Analysis of the Polygon indicator

Polygon is correcting higher but is stuck at the 21-day line SMA. The Relative Strength Index is at 44, indicating that the altcoin remains in a downtrend. Polygon has the potential to slide into the downtrend zone. Although the price bars are below the moving average lines, they are rejected at the 21-day line SMA. This was the cause of the continued decline.

MATICUSD_(Daily Chart) – June 27.23.jpg

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 currently trading at the bottom of the chart. On June 10, the cryptocurrency crashed to a low of $0.50 as bulls bought dips. Since then, the cryptocurrency has consolidated above the current support level of $0.60.

MATICUSD_(4 –Hour Chart) – June 27.23.jpg

On Jun 20, 2023, Coinidol.com reported that: Likewise, the cryptocurrency asset has fallen to the predicted price level. At the time of writing, the altcoin is trading at $0.60.

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.com. Readers should do their own research before investing in funds.

Comments

Post a Comment

Popular posts from this blog

ETH’s Path Could Be Cleared To Reach $2,200: Analyst

Image
An analyst shared his predictions for BTC and ETH in an X post yesterday. If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200. The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area. A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200. $ETH Closing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O — Pentoshi euroPeng (@Pentosh1) October 29, 2023 De
Read more

Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Image
In the realm of crafting written content, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity serves as the gauge for textual intricacy. Meanwhile, burstiness is the measure of sentence diversity, assessing the ebb and flow of sentence length and complexity. Lastly, predictability indicates the likelihood of anticipating the subsequent sentence. In human-authored content, you often encounter bursts of creativity, with a mosaic of lengthy, intricate sentences interspersed with concise ones. On the contrary, AI-generated content tends to maintain a more consistent rhythm. In light of these considerations, for the upcoming content I’m about to request from you, it’s imperative to strike a balance. We need a significant degree of perplexity and burstiness while minimizing predictability. Additionally, please adhere to the use of the English language exclusively. Now, let’s reimagine the following text: Speculation has arisen from Bloomberg
Read more

Coinbase CEO Brian Armstrong Addresses Regulatory Concerns in Crypto

CEO Brian Armstrong emphasized the need for clear regulations in the United States. Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure. Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings. Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance. Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.” “There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen,
Read more