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Buyers’ pressure increases
Polygon (MATICUSD) Price Analysis – 04 December
Polygon needs to clear the $0.87 barrier before it can breach the resistance levels of $0.94 and $0.97. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers gather some momentum.
Key Levels:
Resistance levels: $0.87, $0.94, $0.97
Support levels: $0.76, $0.70, $0.64
MATIC/USD Long-term Trend: Bullish
The long-term outlook for MATIC/USD is positive. Over the past two weeks, sellers exerted pressure on cryptocurrency. After it established support at $0.70, this occurred. Before the beginning of the downward trend last two weeks, the price rose to a high of the $0.97 barrier level due to the bullish momentum. Sellers stopped the market from dipping any higher. After testing $0.70 last week. The bulls defended the just-mentioned level. At the moment, it is above the $0.76 resistance level.
When 9-EMA periods are above 21-EMA and MATIC trading is above exponential moving averages, bulls are in control of the market. Polygon needs to clear the $0.87 barrier before it can breach the resistance levels of $0.94 and $0.97. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers gather some momentum.
MATIC/USD Short-term Trend: Bearish
A polygon’s 4-hour inclination 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. The price declined and tested the support level of $0.70. Further price reduction was prevented by buyers’ pressure.
At the moment, Polygon’s price is above both EMAs. The upside 21-period EMA is being crossed by the 9-day EMA. The relative strength index’s period 14 signal line is positive at level 70, signaling a buy opportunity.
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