Polygon (MATIC/USD) Price May Reduce to $0.74 Support Level

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Polygon (MATICUSD) Price Analysis – September 26

In case the bears exert more pressure, the support level of $0.74 may be penetrated, then, the support level of $0.64 and $0.47. In case the bull defend the support level of $0.74, price may continue a bullish trend to $0.90, $1.01 and $1.18 levels.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.47

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is on the bearish trend on the Long-term outlook. The fallen of the Crypto is due to the double top chart pattern formed at the resistance level of $1.01. The bulls were in control of the Polygon market many days before bears took over the market; the bullish trend pushed up the price and found resistance at $1.01. The price decreased to the $0.74 support level on August 26. It pulled back and retested the resistance level of $0.90. At the moment, sellers are exerting more pressure on $0.74 level.

Polygon is trading below the 9 periods EMA and 21 periods EMA. In case the bears exert more pressure, the support level of $0.74 may be penetrated, then, the support level of $0.64 and $0.47. In case the bull defend the support level of $0.74, price may continue a bullish trend to $0.90, $1.01 and $1.18 levels.

MATIC/USD Short-term Trend: Bearish

Polygon is bearish on the medium-term outlook. Sellers are exerting more pressure on MATIC. After the formation of the short “M” price action on 4 hour chart. The price tested the support level of $0.74. The level holds and the bulls push the price to carry out a retracement to $0.90 level. The price is decreasing trying to break down $0.74 level.

 The Polygon price is trading below the two EMAs with close distance between them which indicates a bearish trend. The 9-day EMA is below the 21 periods EMA. However, the relative strength index          period 14 is below 43 levels with the signal line pointing down to connote sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.