Polygon (MATICUSD) Price: Further Bullish Movement Envisaged

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Polygon (MATICUSD) Price Analysis

Further increase in the Polygon price is highly envisaged provided the resistance level of $0.90 does not hold, $1.01 price level may be reached and penetrated to test the $1.18 level. In case the bears defend the resistance level of $0.90, the price may reverse and continue a bearish trend to $0.74, $0.64 and $0.47 levels.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.47

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. At the completion of the double chart pattern formed on the daily chart. The price pulled back and retested the support level of $0.74 level. The buyers reacted against the pullback with the formation of bullish engulfing candle. More bullish candles were produced and the price increase to break up the $0.90 level. Further price increase envisaged.

Polygon is trading above the 9 periods EMA and 21 periods EMA. Further increase in the Polygon price is highly envisaged provided the resistance level of $0.90 does not hold, $1.01 price level may be reached and penetrated to test the $1.18 level. In case the bears defend the resistance level of $0.90, the price may reverse and continue a bearish trend to $0.74, $0.64 and $0.47 levels.

MATIC/USD Short-term Trend: Bullsh

Polygon is bullish on the medium-term outlook. The price tested the support level of $0.74 on August 19. The just mentioned level holds the price and that resulted to ranging movement within the $0.90 and $0.74 levels. Today, buyers are gaining more pressure and the price is increasing, aiming to break up the resistance level of $0.90 price.

The 9-day EMA is trying to cross the 21-day EMA upside, the Polygon price is trading slightly above the two EMAs which indicates a bullish movement. The relative strength index period 14 is at 66 levels with the signal line pointing up to connote 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.