Long-term price forecast for Polygon: pessimistic

The altcoin reached a bearish exhaustion on August 7 at a price of $0.647, marking a bearish exhaustion. Prior to denying the previous peak on July 13, buyers attempted to recommence the uptrend. The altcoin is presently trading at $0.67 due to the buying of declines by bulls.

ALSO READ:France investigates Binance for alleged money laundering

Following the price decline on June 10, the cryptocurrency is currently rangebound. The pricing range for Polygon has been regulated at $0.60 to $0.80. If purchasers maintain the price above the moving average lines and $0.80 resistance, the altcoin's uptrend will resume. If purchasers fail to surpass the recent high, the cryptocurrency's price will remain limited at the bottom of the chart.

ALSO READ:OKX, a leading cryptocurrency exchange, will expand operations in Dubai, UAE.

Polygon indicator examination

At level 39, the bearish exhaustion of the Relative Strength Index for period 14 has been attained by Polygon. The MATI C remains in the zone of declining prices. The price bars are rising and are located beneath the moving average line. The altcoin has entered a market overvalued zone. It's greater than the daily stochastic value of 76. In the overbought region, it is probable that the altcoin will be sold.

What is Polygon's subsequent action?

The current price range for Polygon is between $0.66 and $0.68. Since August 4, the price movement has been constrained to a small range. Today, $0.68 is providing resistance to the uptrend. In other words, at $0.68, MATIC is presently overbought.

ALSO READ:Half-Life Of Bitcoin, A Priori Is Not A Criteria: Coinbase | CoinDesk JAPAN | CoinDesk JAPAN

The analysts at Coinidol.com reported on August 2, 2023 that the adverse momentum has momentarily subsided as the altcoin's price fluctuates between $0.60 and $0.80. In addition, the price of the cryptocurrency is fluctuating between the moving average lines as it attempts to drop below the 50-day line SMA.