Polygon (MATICUSD) Price: Further Bearish Movement Envisaged

Polygon (MATICUSD) Price Analysis – August 29

Further decrease in the Polygon price is highly envisaged provided the support level of $0.74 does not hold, $0.64 price level may be reached and penetrated to test the $0.47 level. In case the bulls defend the support level of $0.74, the price may reverse and 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 price action on the daily chart has formed a double top chart pattern. This is a bearish trend chart pattern which is triggering a bearish movement. The price started declining and the support level of $0.74 was reached on 19 August. Since then, the buyers’ and sellers’ momentum decreases, thus consolidation commences.

 Polygon is trading below the 9 periods EMA and 21 periods EMA. Further decrease in the Polygon price is highly envisaged provided the support level of $0.74 does not hold, $0.64 price level may be reached and penetrated to test the $0.47 level. In case the bulls defend the support level of $0.74, the price may reverse and 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. The price tested the resistance level of $1.01 on August 14. The price is declining after it found resistance at $1.01 level. The sellers were exerting more pressure on the MATIC/USD. The level holds and the bulls could not push the price above the mentioned level. The price decreases towards $0.74 level. At the moment, consolidation is ongoing.

The 9-day EMA and the 21-day EMA are interlocked, the Polygon price is trading around the two EMAs which indicates a consolidation movement. The relative strength index period 14 is at 39 levels with the signal line pointing down to connote sell signal.

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