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Polygon (MATICUSD) Price Analysis – August 01
Further increase in the Polygon price is highly envisaged provided the resistance level of $1.01 does not hold, $1.18 price level may be reached and penetrated to test the $1.31. In case the bears defend the resistance level of $1.01, the price may reverse and continue a bearish trend to $0.91, $0.74 and $0.55 levels.
Key Levels:
Resistance levels: $1.01, $1.18, $1.31
Support levels: $0.91, $0.74, $0.55
MATIC/USD Long-term Trend: Bullish
MATIC/USD price is on the bullish trend on the Long-term outlook. The price action on the daily chart has formed an inverted head and shoulder chart pattern. The bears were in control of the Polygon market many days before bulls take over the market. The bullish trend pushed up the price and broken up the resistance levels at $0.74 and $0.91. The price ascends and tested $1.01 resistance level.
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 $1.01 does not hold, $1.18 price level may be reached and penetrated to test the $1.31. In case the bears defend the resistance level of $1.01, the price may reverse and continue a bearish trend to $0.91, $0.74 and $0.55 levels.
MATIC/USD Short-term Trend: Bullish
Polygon is bullish on the medium-term outlook. The price tested the resistance level of $1.01 on July 28 after the price action formed a bullish pattern called an inverted head and shoulder on 4 hour chart. This pattern is a bullish one. The mentioned level holds and the bulls could not push the price above the mentioned level. The price is pulling back at the moment.
The 9-day EMA is above the 21 periods EMA and the Polygon price is trading below the two EMAs at close distance which indicates a bearish movement. However, the relative strength index period 14 is at 49 levels with the signal line pointing down to connote sell signal.
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