Based

2024

Resistance

Polygon

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   Jan 17, 2024 at 13:20 // Price
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   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span>
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 </div> <img class="page-news__main-pic lazy-load-detail-picture" src="https://coinidol.comdata:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=" data-lazy-src="https://coinidol.com/upload/resize_cache/iblock/4f1/900_900_1/g1me3mxghaiq5r3wqa9tj30iocay1jxl.jpg" width="900" height="563" alt="" title="">
 <p><strong>The price of Polygon (MATIC) is in a downtrend, but is correcting upwards. Price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> by Coinidol.com.</strong></p>
 <h2 style="text-align: justify;" id="long-term-forecast-for-the-polygon-price-bearish">Long-term forecast for the Polygon price: bearish</h2>
 <p style="text-align: justify;">The rising correction stopped on November 14, 2023 and ended in a sideways trend below the $0.95 resistance level.</p>
 <p style="text-align: justify;">On January 11, 2024, buyers tried to push the cryptocurrency to the $95 resistance level but were rebuffed for the fourth time. Polygon has dropped today and is currently trading at $0.83. The altcoin is in a bearish trend zone, making an upward push unlikely.</p>
 <p style="text-align: justify;">In the negative case, the market will continue to fall and reach the next support level of around $0.75. The current support level of $0.75 has not been breached since November 21, 2023. In addition, the long candlestick tails indicate significant buying pressure at $0.75.</p>
 <h2 style="text-align: justify;" id="analysis-of-the-polygon-indicator">Analysis of the Polygon indicator</h2>
 <p style="text-align: justify;">Polygon's price bars are below the moving average lines, indicating that the altcoin was rejected at its high of $0.95. The current price bars below the moving average will accelerate the coin's descent. On the 4-hour chart, the moving average lines are sloping downwards, indicating a decline.</p>
 <h3 style="text-align: justify;" id="technical-indicators">Technical indicators</h3>
 <p style="text-align: justify;"><b>Resistance levels: $1.20, $1.30, $1.40</b></p>
 <p style="text-align: justify;"><b>Support levels: $0.60, $0.40, $0.30</b></p>
 <p style="text-align: justify;"><b><img width="1024" alt="MATICUSD_( Daily Chart) - Jan. 17.jpg" src="https://cdn.thebittimes.com/images/2024/01/17/b352756cd38dcc015850ad197b092a15.webp" height="491" title="MATICUSD_( Daily Chart) - Jan.17, 2024"><br> </b></p>
 <h2 style="text-align: justify;" id="what-s-next-for-polygon">What's next for Polygon?</h2>
 <p style="text-align: justify;">The price of Polygon is falling below the moving average lines. According to the price prediction, Polygon will fall to the 1.618 Fibonacci extension or the low of $0.76. Based on the price activity, the altcoin has dropped to a low of $0.83. The cryptocurrency will find support and return above the $0.75 level.</p>
 <p style="text-align: justify;">A week ago Coinidol.com reported that&nbsp;MATIC saw a significant drop to a low of $0.73 on January 3 before rebounding.&nbsp;&nbsp;</p>
 <p style="text-align: justify;"><img width="1024" alt="MATICUSD_( 4 Hour Chart) - Jan.17.jpg" src="https://cdn.thebittimes.com/images/2024/01/17/dfe1489a5338fa955b607d41fc7b13f0.webp" height="491" title="MATICUSD_( 4 Hour Chart) - Jan.17, 2024"><br></p>
 <p style="text-align: justify;"><i><span style="color: #959595;">Disclaimer. This <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> 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 the research before investing in funds.</span></i></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polygon-loses-ground-and-could-reach-its-0-75-low-again-tbt76885.html">https://thebittimes.com/polygon-loses-ground-and-could-reach-its-0-75-low-again-tbt76885.html</a></p>

Polygon Loses Ground And Could Reach Its $0.75 Low Again

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