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Polygon (MATICUSD) Price Bounces Up at $0.64 Resistance Level

Azeez Mustapha
Updated 1 min read
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Buyers are dominating MATIC market

Polygon (MATICUSD) Price Analysis – October 03

When the resistance level of $0.90 is penetrated upside, the resistance level at $1.01 price level may be reached and may extend to the $1.18 level. Should the bears defend the resistance level of $0.90, MATIC may reverse and continue a bearish trend to $0.74, $0.64 and $0.55 levels.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.55,

 

MATIC/USD Long-term Trend: Bullish

On the Long-term outlook, MATIC/USD price is on the bearish trend. Polygon was under the control of sellers last week, it was trading towards the support level of $0.74. The price reduced to the just mentioned level but could not break it downside. Today, buyers gain more momentum and this is noticed on the daily time frame with the formation of strong bullish engulfing candle.

Polygon penetrates the 9 periods EMA and 21 periods EMA upside. The price is above the two EMAs at the moment, meaning that bulls’ momentum increases. Further price increase of the Polygon is highly envisaged. When the resistance level of $0.90 is penetrated upside, the resistance level at $1.01 price level may be reached and may extend to the $1.18 level. Should the bears defend the resistance level of $0.90, the price may reverse and continue a bearish trend to $0.74, $0.64 and $0.55 levels.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. The price action formed a double bottom chart pattern at the support level of $0.64. More bullish candles are produced and the price is increasing towards the resistance level of $0.90 after it breaks up the resistance level of $0.74.

The 9-day EMA is above the 21 periods EMA and the Polygon price is trading above the two EMAs. The relative strength index period 14 is at 65 levels with the signal line pointing up connoting buy signal.

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