Polygon Retests $0.95 Price Level
Polygon recently retested the $0.95 price level on November 14, marking a significant movement in its price. The last time this price was reached was in May, and since then, the bulls struggled to breach the $0.95 barrier until yesterday.
However, the market has entered the overbought zone, a territory Polygon reached in May before experiencing a quick drop to a floor slightly above the $0.50 support. While further gains for the cryptocurrency are deemed unlikely on the upside, Polygon is at risk of a decline if sellers emerge in the overbought territory. Moreover, the altcoin faces potential falls if the bears breach the $0.70 support or the moving average lines.
MATIC is currently trading above the moving average lines, with MATIC/USD trading at $0.93 at the time of writing.
Polygon Indicator Reading
The price bars are displaying higher highs and lower lows while remaining above the upward-sloping moving average lines. Since October 20, MATIC has experienced a bullish crossover, marked by the 21-day simple moving average crossing above the 50-day simple moving average, indicating a bullish order. However, the altcoin has now reached a point of bullish exhaustion.
Technical Indicators
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
Next Move for Polygon
Polygon has reached the overhead resistance of $0.95, and MATIC is in the overbought area of the market, suggesting potential seller activity. Bulls may pull back from the recent high, as they have struggled to break above the overhead resistance since May.
Last week, the price forecast by Coinidol.com for the altcoin suggested a rise to a high of $0.76 or the 1.618 Fibonacci extension level.
