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Polygon price is increasing
Polygon (MATICUSD) Price Analysis – 29 May
Polygon can cross the $1.01 and $1.12 resistance levels when it crosses the $0.95 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.87 support level and be exposed to the $0.82 and $0.76 levels.
Key Levels:
Resistance levels: $0.95, $1.01, $1.12
Support levels: $0.87, $0.82, $0.76
MATIC/USD Long-term Trend: Bullish
MATIC/USD is bullish in the long-term outlook. When bears are exerting more pressure on prices than buyers, the prior support level of $1.01 was destroyed. The bullish pressure was unable to break up $1.01 resistance level. Polygon reduced to the $0.82 support level due to additional bearish pressure. The price bounces up from the just mentioned level and it is currently increasing towards the resistance level of $0.94. There is a probability that bullish momentum will increase.
MATIC is currently trading above both the 9- and 21-period exponential moving averages, the bulls are gaining momentum. Polygon can cross the $1.01 and $1.12 resistance levels when it crosses the $0.95 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.87 support level and be exposed to the $0.82 and $0.76 levels.
MATIC/USD Short-term Trend: Bullish
Polygon is on the bullish movement on a 4-hour time-frame. For the past five weeks, bears have controlled the MATIC market. The price increase on April 26 was blocked by the $1.01 resistance level. As it got closer to $0.87, the price kept dropping. The primary objective was to reach $0.82, and it was accomplished. Prices are been moving upward on the MATIC market at the moment.
At the moment, the price of Polygon is above the two EMAs. The 9-period EMA is above the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 60, signaling a buy.
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