Polygon (MATICUSD) Price Breaks Up $0.87 Level , Targeting $0.93 Resistance Level

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Buyer’s momentum increases in Polygon market

Polygon (MATICUSD) Price Analysis – October 24

The resistance level at $0.93 may be penetrated and this may push Polygon to $1.01, and it may extend to the $1.18 level. Inability to push the price above the resistance level of $0.93 may reduce the price to $0.87 which may extend to the low at $0.87, $0.76 and $0.70 support levels.

Key Levels:

Resistance levels: $0.93, $1.01, $1.18

Support levels: $0.87, $0.76, $0.70,

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. The crypto commenced a bullish movement on September 22, when the price reached the low of $0.70. A bullish engulfing candle emerged at the same level mentioned. The scenario triggers a bullish momentum that propels the price to $0.87 level. It is currently pulling back to retest the $0.67 level. The price is already exposed to $0.93 level.

At the moment, Polygon is trading above the 9 periods EMA and 21 periods EMA, which connote an increase in the bulls’ pressure.  Polygon may increase further after the pullback. The resistance level at $0.93 may be penetrated and this may push price to $1.01, and it may extend to the $1.18 level. Inability to push the price above the resistance level of $0.93 may reduce the price to $0.87 which may extend to the low at $0.87, $0.76 and $0.70 support levels.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. When the crypto pulled back last week to test the support level of $0.74. The buyers opposed the movement and the bulls gather their momentum and push up the price towards north. Resistance level of $0.87 is broken upside targeting the resistance level of $0.93.

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 63 levels with the signal line pointing down to indicate sell signal which may be a pullback.

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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.