Polygon (MATICUSD) Price May Retest Previous Low at$0.7404

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Buyers are dominating Polygon market

Polygon (MATICUSD) Price Analysis – October 10

In case the resistance level of $0.90 is penetrated upside by the pressure of the bulls, the resistance level at $1.01 price level may be reached and may extend to the $1.18 level. An interruption of the bullish movement at $0.90 level may send the Polygon towards support levels of $0.74, $0.64 and $0.55.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.55,

 

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. Last two weeks, Polygon market was dominated by sellers. The price was reduced to the support level of $0.74. Partial bearish breakout was experienced at $0.74 level but the buyers interrupted the downward movement with the formation of bullish engulfing candle. The price is increasing towards the resistance level of $0.90 at the moment.

Polygon has penetrated the 9 periods EMA and 21 periods EMA upside. MATIC is trading above the two EMAs at the moment, which connote an increase in the bulls’ momentum. Further increase of the Polygon is highly envisaged. In case the resistance level of $0.90 is penetrated upside by the pressure of the bulls, the resistance level at $1.01 price level may be reached and may extend to the $1.18 level. An interruption of the bullish movement at $0.90 level may send the price towards support levels of $0.74, $0.64 and $0.55.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. The double bottom chart pattern formed at the support level of $0.64 triggers a bullish movement on the 4-hour chart. More pressure from the bulls pushes price across the dynamic resistance levels.

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 49 levels with the signal line pointing down which indicate sell 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.