Polygon (MATICUSD) Price:  Resistance Level of $1.01 Holds, Bearish Reversal Envisaged

Updated:

Polygon (MATICUSD) Price Analysis – August 15

When the resistance level of $1.01 is penetrated upside, the resistance level at $1.18 price level may be reached and may extend to the $1.31 level. Should the bears defend 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

On the Long-term outlook, MATIC/USD price is on the bullish trend. After the testing of the high $1.01 resistance level, the price pulled back. The just mentioned level is our last week target when the inverted head and shoulder pattern emerged. The sellers opened the market today which indicate that price may retest the support level of $0.91.

Polygon remains above the 9 periods EMA and 21 periods EMA. After pullback, further increase in the Polygon price is highly envisaged. When the resistance level of $1.01 is penetrated upside, the resistance level at $1.18 price level may be reached and may extend to the $1.31 level. Should the bears defend 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. On July 28, the price pulled back after tested the resistance level of $1.01. The bullish engulfing candle pattern formed and it restored the bullish movement towards the resistance level of $1.01 level. Today, sellers are dominating the market and the price is reducing towards $0.91. 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 below the two EMAs. The relative strength index period 14 is at 45 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.