This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The price of Polygon (MATIC) is currently stuck at $0.95, with recent attempts at an upward correction being unsuccessful. The cryptocurrency had been on an uptrend but that came to an end on November 14, leading to a sideways trend. Currently, the price is fluctuating between $0.75 and $0.95. If buyers manage to break through the $0.95 level, the price could potentially reach a high of $1.20. On the other hand, if the bears breach the support at $0.75, MATIC could fall and revisit the previous low at $0.50. At the moment, the altcoin is trading at $0.86.
Technical analysis shows that the price is trading between the moving average lines on the 4-hour chart, indicating a continued sideways trend. However, the upward sloping moving average lines suggest the possibility of an upward correction. As long as the price remains above the moving average lines, a retest of the overhead resistance is likely.
Resistance levels for Polygon are at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30.
Looking ahead, if buyers manage to break through the current resistance level, Polygon could resume its uptrend. The frequency of retesting the resistance level will determine its strength. In the meantime, the sideways trend is expected to continue.
Disclaimer: This analysis and forecast are the personal opinions of the author and should not be considered as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before making any investment decisions.