Polygon (MATICUSD) Price Pulls Back at $0.74, Trying to Break Up $0.90 level

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Polygon (MATICUSD) Price Analysis – September 05

An increase in the Polygon price is highly envisaged provided the resistance level of $0.90 does not hold, $1.01 price level may be reached and penetrated to test the $0.18 level. In case the bears defend the resistance level of $0.90, the price may reverse and continue a bearish trend to $0.74, $0.64 and $0.47 levels.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.47

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 formed a double bottom chart pattern. This is a bullish trend chart pattern which is triggering a bullish movement. The price started inclining and the resistance level of $0.90 was reached on 02 September. The buyers are trying to push the price above the $0.90 level.

Polygon is trading above the 9 periods EMA and 21 periods EMA. An increase in the Polygon price is highly envisaged provided the resistance level of $0.90 does not hold, $1.01 price level may be reached and penetrated to test the $0.18 level. In case the bears defend the resistance level of $0.90, the price may reverse and continue a bearish trend to $0.74, $0.64 and $0.47 levels.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. The price was under the bears’ control last week. The sellers pushed the price to the low of $0.74. The just mentioned level was tested twice indicating a bullish movement signal. The price is increases after it found support at $0.74 level. The buyers were exerting more pressure on the MATIC/USD.

The 9-day EMA has crossed the 21-day EMA upside and are interlocked, the Polygon price is trading aabove the two EMAs which indicates a bullish movement. The relative strength index period 14 is at 51 levels with the signal line pointing down to connote sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.