Polygon (MATICUSD) Price: Rejection at $0.74 Support Level, Targeting $0.90 Resistance Llevel

Buyers momentum increases in Polygon market

Polygon (MATICUSD) Price Analysis – October 17

Further increase of the Polygon is highly envisaged. The resistance level at $1.01 price level may be reached and may extend to the $1.18 level if the resistance level of $0.90 does not hold. Inability to push the price above the resistance level of $0.90 may leads to continuation of ranging movement, below the current price are barriers at $0.74, $0.64 and $0.55 levels

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.55,

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. The bulls remain the controller of the MATIC market, however, there was no significant movement in the last week trading. The price just move within the $0.90 and $0.74 level. Today, bulls are trying to gain more momentum and the price is gradually increasing towards the resistance level of $0.90.

At the moment, Polygon is trading above the 9 periods EMA and 21 periods EMA, which connote an increase in the bulls’ pressure.  Further increase of the Polygon is highly envisaged. The resistance level at $1.01 price level may be reached and may extend to the $1.18 level if the resistance level of $0.90 does not hold. Inability to push the price above the resistance level of $0.90 may leads to continuation of ranging movement, below the current price are barriers at $0.74, $0.64 and $0.55 levels

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. The crypto pulled back last week and tested the support level of $0.74. The buyers resist the movement and the bullish momentum increases currently pushing price towards the previous high at $0.90 level.

The 9-day EMA is above the 21 periods EMA and the Polygon price is trading above the two EMAs. The relative strength index period 14 is at 63 levels with the signal line pointing up which indicate buy signal.

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