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Bearish momentum may increase further
Polygon (MATICUSD) Price Analysis – 25 December
Before Polygon can go past the resistance levels of $0.94 and $0.97, it must first break through the $0.87 barrier. If sellers gain some traction, the market can break through the $0.76 support level and expose itself to the $0.70 and $0.64 levels
Key Levels:
Resistance levels: $0.87, $0.94, $0.97
Support levels: $0.76, $0.70, $0.64
MATIC/USD Long-term Trend: Bearish
The long-term outlook for MATIC/USD is negative. Buyers’ pressure has been applied to cryptocurrency prices during the last two weeks. This happened after resistance was encountered at $0.97. The price reached the $0.97 barrier level before the bearish trend of the preceding two weeks started. The market was prevented from rising much higher by sellers. Bears guarded the level that was previously mentioned. The support level of $0.76 was tested and the price pulled back. It is currently trading below the resistance level of $0.87.
Bears are in charge of the market when MATIC is trading at close range to exponential moving averages. The 9-EMA period is below 21-EMA. Before Polygon can go past the resistance levels of $0.94 and $0.97, it must first break through the $0.87 barrier. If sellers gain some traction, the market can break through the $0.76 support level and expose itself to the $0.70 and $0.64 levels.
MATIC/USD Short-term Trend: Bearish
A polygon’s 4-hour declination is shown. At $0.94 from the prior week, the price action on the 4-hour time frame produced a double top chart pattern. Buyers don’t seem to be able to raise the price above $0.94. After a decline, it tested the $0.76 support level and bounced up. It is currently retesting $0.87 level.
Polygon’s price is currently below both EMAs. The 9-day EMA is crossing above the 21-period EMA. The period 14 signal line of the relative strength index is at level 53, indicating a possible selling opportunity.
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