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Polygon price may decline to $0.65 level
Polygon (MATICUSD) Price Analysis – 15 January
Before Polygon can exceed the resistance levels of $1.03 and $1.09, it must first break through the $0.94 barrier. If sellers find some momentum, the market may breach 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
For MATIC/USD, the long-term outlook is bleak. For the past three weeks, sellers have been pushing down cryptocurrency prices. This followed the altercation with the opposition at $1.09. Before the bearish trend that began last two weeks, the price was close to the $1.09 barrier level. Sellers stopped the market from going any higher. The level that was previously stated was guarded by bears. When it was tested at the specified amount, the price fell. At the moment, it is trading below the $0.86 barrier level.
Bears control the market when MATIC is trading below Hull Suite indicator. Before Polygon can exceed the resistance levels of $1.03 and $1.09, it must first break through the $0.94 barrier. If sellers find some momentum, the market may breach the $0.86 support level and expose itself to the $0.72 and $0.65 levels.
MATIC/USD Short-term Trend: Bearish
The 4-hour declination of a polygon is displayed. The price action on the 4-hour time frame resulted in a tiny double top chart pattern at $1.09 from the previous week. It appears that buyers cannot drive the price up above $1.09. At $0.72, it fell and tested the support level. The broken support level of $0.86 is currently being retested.
The fact that Polygon’s price is now lower than Hull Suite suggests a negative trend. Because the QQE MOD indicator is below zero level, there may be more opportunities to sell.
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