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.
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