Polygon (MATICUSD) Price May Decrease Further In Case $0.74 Does Not Hold
Login

Polygon (MATICUSD) Price May Decrease Further In Case $0.74 Does Not Hold

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


Polygon (MATICUSD) Price Analysis – August 22

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 reached $1.01 on August 13. The price action on the daily chart has formed a double top chart pattern. The bears are in control of the Polygon market last week. Bears are in control of the market at the moment. The bearish trend is pushing down the price and testing support level at $0.74. The price may descends towards $0.64 support level.

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 sellers were exerting more pressure on the MATIC/USD. The price is declining after it found resistance at $1.01 level. The price tested the resistance level of $1.01 on August 14. The level holds and the bulls could not push the price above the mentioned level. The price decreases towards $0.74 level.

The 9-day EMA is below the 21 periods EMA and the Polygon price is trading below the two EMAs which indicates a commencement of bearish movement. However, the relative strength index period 14 is at 36 levels with the signal line pointing down to connote sell signal.

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News