Polygon (MATICUSD) Price Breaks Up $1.18 Level Facing $1.31 Resistance Level

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Polygon may  break up $1.31 resistance level

Polygon (MATICUSD) Price Analysis – November 07

Further increase in the bulls’ momentum may push the coin to break up the resistance level of $1.31 and Polygon increase further to $1.40 and $1.54 levels. In case the resistance level at $1.31 holds, price may reduce to $1.18 level, in which bearish momentum may extend to the $1.01 and $0.93 levels.

Key Levels:

Resistance levels: $1.31, $1.40, $1.54

Support levels: $1.18, $1.01, $0.93,

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. Last week, the United States Dollar fall for the Polygon and that made the crypto to make a fantastic movement. The buyers seize the opportunity to accumulate assets and the coin was pushed up. The resistance level of $1.02 and $1.18 was penetrated upside. The price is trading closer to $1.31 level.

A bullish trend movement is confirmed in the polygon market when it is trading above the 9 periods EMA and 21 periods EMA. Further increase in the bulls’ momentum may push the coin to break up the resistance level of $1.31 and Polygon increase further to $1.40 and $1.54 levels. In case the resistance level at $1.31 holds, price may reduce to $1.18 level, in which bearish momentum may extend to the $1.01 and $0.93 levels.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. Last week, sellers ruled the world of polygon market. The bears opposed the bulls at $0.93 level. The crypto pulled back to retest the support level of $0.87. The currency bounced and increased to break up the resistance level of $1.01. Today the next resistance level was tested.

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 67 levels with the signal line pointing up to indicate buy 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.