Polygon Suffers A Setback As It Is Unable To Overcome The High Of $1.28

Polygon (MATIC) has experienced a decline, falling below moving average lines. The cryptocurrency faced rejection at a resistance level of $1.56 and has since struggled to maintain bullish momentum. As of writing, MATIC is valued at $0.9891. Technical indicators suggest a potential further decline in the altcoin's price.

Polygon's Price: A Downtrend in the Making?

Since its March 13th peak of $1.28, Polygon (MATIC) has been on a downward trajectory, failing to break through the $1.56 resistance level. The cryptocurrency has now slipped below the breakout level of $1.09, currently trading at $0.9891.

Buying Pressure Faltering

On March 20th, buyers attempted to sustain the price above the 50-day Simple Moving Average (SMA), but their efforts have faltered. Should they fail to regain control, selling pressure will likely intensify, pushing MATIC towards its previous low of $0.70.

Technical Indicators Pointing Downward

The Polygon indicator's price bars remain below the moving average lines, suggesting a continued downtrend. The inability to cross above the moving averages will likely lead to further price declines. On the 4-hour chart, MATIC has faced rejection at the 21-day SMA.

Resistance and Support Levels

Key resistance levels for MATIC stand at $1.20, $1.30, and $1.40, while support levels are found at $0.60, $0.40, and $0.30.

What's the Outlook for Polygon?

On the 4-hour chart, Polygon has encountered renewed selling pressure, but the slide has temporarily halted above the $0.90 support level. The cryptocurrency's price action has been characterized by lower highs and lower lows since its breakdown. After retesting the 21-day SMA, MATIC has failed to surpass it and is now trading within a range between $0.90 and $1.00. A breach below the $0.90 support would signal a further decline for MATIC.

Key Points to Remember

• MATIC has fallen below its moving average lines, indicating a downtrend.
• Buyers have struggled to maintain momentum above the 50-day SMA.
• Technical indicators suggest further price declines.
• Polygon is currently trading between $0.90 and $1.00, with a potential decline if the $0.90 support is breached.