Polygon may break down $0.87 support level
Polygon (MATICUSD) Price Analysis – 14 November
An increase in the bears’ momentum may push the Polygon to break down the support level of $0.87, Polygon may decrease further to $0.76 and $0.70 levels. In case the resistance level at $0.87 holds, the price may increase to the $0.93 level, in which bullish momentum may extend to the $1.01 and $1.12 levels.
Key Levels:
Resistance levels: $0.93, $1.01, $1.12
Support levels: $0.87, $0.76, $0.70
MATIC/USD Long-term Trend: Bearish
MATIC/USD price is on a bearish trend on the Long-term outlook. The bullish movement embarked on since the beginning of last month could not go higher when it reached the resistance level of $1.31. An inverted pin bar is formed which signals to the traders that sellers will soon dominate the market. The sellers increase their momentum and the price fell to the low of $0.76. Sellers are currently ruling the world of Polygon.
A bearish trend movement is confirmed in the polygon market when it is trading below the 9-periods EMA and 21-periods EMA. An increase in the bears’ momentum may push the coin to break down the support level of $0.87, Polygon may decrease further to $0.76 and $0.70 levels. In case the resistance level at $0.87 holds, price may increase to $0.93 level, in which bullish momentum may extend to the $1.01 and $1.12 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is bearish on the medium-term outlook. The resistance level of $1.31 was tested two times last week. Sellers gained pressure and the price decreased to the support level of $0.76 and pulled back to test the resistance level of $1.12. Bears opposed the pullback at $1.12 level. The crypto is decreasing towards the previous low.
The 9-day EMA is below the 21 periods EMA and the Polygon price is trading below the two EMAs. The relative strength index period 14 is at 44 levels with the signal line pointing down to indicate sell signal.
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