Polygon Price: Bearish Momentum May Break Down $0.86 Level

Sellers’ pressure increases in Polygon market

Polygon (MATICUSD) Price Analysis – 22 January

Polygon has to breach the $0.94 barrier before it can move past the resistance levels of $1.03 and $1.09. If sellers gain some traction, the market can break through the $0.86 support level and expose itself to the $0.72 and $0.65 levels.

Key Levels:

Resistance levels: $0.94, $1.03, $1.09

Support levels: $0.86, $0.72, $0.65

MATIC/USD Long-term Trend: Bearish

There is a poor long-term outlook for MATIC/USD. Sellers have been driving down the price of cryptocurrencies over the last three weeks. At $1.09, this came after the altercation with the opposition.  Before the last two-week bearish trend, the price was near the $1.09 barrier. The market was halted by sellers from rising further. Bears guarded the level that was previously mentioned. The price dropped when it was tested at the designated amount. It is currently trading below the barrier level of $0.86.

When MATIC is trading below the Hull Suite indicator, bears are in control of the market. Polygon has to breach the $0.94 barrier before it can move past the resistance levels of $1.03 and $1.09. If sellers gain some traction, the market can break through the $0.86 support level and expose itself to the $0.72 and $0.65 levels.

MATIC/USD Short-term Trend: Bearish

Polygon’s 4-hour declination is shown. At $1.09 from the prior week, the price action on the 4-hour time frame produced a small double-top chart pattern. Buyers don’t seem to be able to push the price above $1.09. It dropped and tested the support level at $0.72. Retesting of the broken support level at $0.86 is presently underway.

The fact that Polygon is currently less expensive than Hull Suite points to a downward tendency. There might be more opportunities to sell because the QQE MOD indicator is not at zero.

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