Polygon (MATICUSD) Price May Increase Further Provided $1.01 Level Does Not Hold

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Polygon (MATICUSD) Price Analysis – August 08

In case the resistance level of $1.01 is broken upside, the resistance level at $1.18 price level may be reached and penetrated to test the $1.31. Should the bears oppose bulls at 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. Our bullish target on the daily chart when the bullish chart pattern formed was reached at $1.01 on July 31. The bears defended the just mentioned level and pulled back to retest the support level of $0.91. Price consolidates around the just mentioned level for few days. At the moment, the bulls are gaining more momentum price is increasing towards the previous high at $1.01 level.

Polygon is trading above the 9 periods EMA and 21 periods EMA. Further increase in the Polygon price is highly envisaged. In case the resistance level of $1.01 is broken upside, the resistance level at $1.18 price level may be reached and penetrated to test the $1.31. Should the bears oppose bulls at 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 pulled back after tested the resistance level of $1.01 on July 28. The support level of $0.74 was retested on July 26. The bullish engulfing candle pattern formed restored the bullish movement towards the resistance level of $1.01 level. Bullish trend may continue as more bullish candles are produced.

The 9-day EMA is above the 21 periods EMA and the Polygon price is trading above the two EMAs at distance which indicates a bullish movement. However, the relative strength index period 14 is at 63 levels with the signal line pointing up to connote buy signal.