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Bulls’ Momentum Increases in Polygon Market
Polygon (MATICUSD) Price Analysis – 16 January
When the bulls’ momentum increases further, Polygon might increase above the $1.01 resistance level and be exposed to the $1.12 and $1.19 levels. In case sellers manage to defend the $1.01 resistance level, Polygon may decrease and may break through the $0.94 support level, which could cause the price to decrease to the $0.87 and $0.76 support levels.
Key Levels:
Resistance levels: $1.01, $1.12, $1.19
Support levels: $0.94, $0.87, $0.76
MATIC/USD Long-term Trend: Bullish
The long-term outlook is bullish for MATIC/USD pricing. Last week, bulls were felicitating in the Polygon (MATIC) market. In another word, buyers dominate MATIC market. After the falling of the Polygon price to the support level of $0.76, the bearish momentum halted. Buyers acquired enough pressure to propel the coin north. Buyers’ momentum increased and the price broke up the $0.87 and $0.94 resistance levels. Yesterday, the price increased above the $1.01 resistance level but sellers opposed the increase. Currently, it is pulling back.
Confirming bullish trend is the trading of MATIC above both the 9- and 21-period exponential moving averages. The upside of the fast-moving average has crossed the slow-moving average. When the bulls’ momentum increases further, the price might increase above the $1.01 resistance level and be exposed to the $1.12 and $1.19 levels. In case sellers manage to defend the $1.01 resistance level, Polygon may decrease and may break through the $0.94 support level, which could cause the price to decrease to the $0.87 and $0.76 support levels.
MATIC/USD Short-term Trend: Bullish
In the medium term, Polygon is moving in a bullish direction. On December 16, sellers applied more pressure in an effort to push the price below the $0.87 support level. The selling trend over the previous three weeks was sufficient to bring it down to $0.76. Buyers opposed the movement and the price resumed rising toward the $0.87 barrier level. Last week, the $0.87 and $0.97 level was penetrated, $1.01 level was tested.
The Polygon price is moving above the two EMAs as a sign of a bullish market. The 9-day EMA has crossed the 21-period EMA upside. The signal line on the relative strength index period 14 is not showing a clear positive direction at 64 levels.
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