Polygon’s price reached a high of $1.15 on March 4, 2024, but the rally was short-lived. Polygon (MATIC) price analysis on March 7, 2024, by Coinidol.com.
Polygon price long term prediction: bullish
MATIC has recovered from its previous downturn. Nevertheless, the rejection of the current high has prompted the altcoin to return to its previous price range of $0.70 to $1.05. In other words, the drop is above the 21-day SMA. The value of the altcoin currently stands at $1.06.
On the upside, MATIC will resume its uptrend if the 21-day SMA or the support at $1.00 holds. The altcoin will rise and break through the resistance at $1.15. The positive momentum will continue to the previous high of S1.30. On the other hand, the altcoin continues to trade sideways between $0.70 and $1.05 where it fails to rise above the recent high.
Analysis of the polygon indicator
The moving average lines are sloping north, indicating a rise. On the 4-hour chart, the price bars are embedded between the moving average lines. This indicates that the cryptocurrency is likely to move within a certain range.
Technical indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
What is the next development for Polygon?
Polygon’s upward correction is likely to continue as long as the price bars remain above the moving average lines. If the current barrier is breached, buyers will try to drive the altcoin back to its previous highs of $1.30 and $1.50. In the meantime, Polygon has continued its uptrend.
Coinidol.com reported on February 29 that the obstacle at $1.05 has slowed the cryptocurrency’s price rise. The uptrend has been halted since December 25, 2023.
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 research before investing in funds.
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- Source: https://coinidol.com/polygon-price-continues-rise/
