Polygon Price Prediction: MATIC Slips 2% – Is it Time for a Rebound?

Updated: 23 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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For the past week, the cryptocurrency’s value has impressively remained resilient, maintaining itself above the crucial support threshold of $0.52, a level harking back to its historical price mark on June 10. This support juncture gained prominence as the cryptocurrency exhibited a noteworthy resurgence on that date, effectively surpassing the moving average lines and solidifying its current support.

Polygon’s current trading price of $0.55 has surpassed its support level of $0.50, indicating potential for a bullish trend. Should support hold, MATIC could experience an upward movement. Breaking the resistance at $0.60 would propel the cryptocurrency into higher volatility, following its recent oscillation between $0.60 and $0.80 over the past two months. As the market nears the oversold region, the selling pressure diminishes, hinting at possible stabilization ahead.

Analysis of polygon Indicators

The Polygon indicator’s decline to the Relative Strength Index of period 14 at level 22 suggests potential oversold conditions. With buyers entering this zone, there’s a chance for Polygon to regain its upward trajectory. The altcoin surpasses the 40 levels on the daily stochastic, signaling increased momentum. While it hovers above its current support, caution is warranted as bullish advances near the $0.56 mark could face resistance.

Polygon Price Prediction: MATIC Slips 2% – Is it Time for a Rebound? — Source: Tradingview

Polygon’s Next Move?

The Polygon cryptocurrency has recently experienced a significant decline, reaching a new low just above the crucial $0.50 support level. Potential gains are hindered by resistance at $0.56 on the shorter timeframe and the 21-day moving average line. Notably, the prevalence of doji candlesticks further underscores the current indecision and volatility within the Polygon market.

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