Polygon Price: Bullish Reversal at $0.94 Support Level

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Bullish trend commences in Polygon Market

Polygon (MATICUSD) Price Analysis – 13 March

Polygon may decrease and breach the $1.12 support level, which would drive the price down to the $1.01 and $0.94 support levels if sellers are successful in increasing their momentum. When the bulls’ momentum gathers more force, the price may move past the $1.20 resistance level and be exposed to the $1.31 and $1.42 levels.

Key Levels:

Resistance levels: $1.20, $1.31, $1.42

Support levels: $1.12, $1.01, $0.94

MATIC/USD Long-term Trend: Bearish

MATIC/USD is bearish in the long-term outlook. On February 18, the positive pressure in the MATIC market drove the price as high as the $1.54 resistance level. The sellers defended the mark when the buyers attempted to break up the previously indicated level. Heavy bearish candles were formed, a sign that the sellers’ momentum was picking up. As sellers gathered momentum, the price crashed through the $1.42 and $1.20 support levels and tested the support level of $0.94. Today, bulls are struggling to dominate the market and the price is pulling back.

As proof of a positive movement, MATIC is trading slightly above the 9-period EMA and the 21-periods is above the price. Polygon may decrease and breach the $1.12 support level, which would drive the price down to the $1.01 and $0.94 support levels if sellers are successful in increasing their momentum. When the bulls’ momentum gathers more force, the price may move past the $1.20 resistance level and be exposed to the $1.31 and $1.42 levels.

MATIC/USD Short-term Trend: Bullish

Polygon is on the bullish movement on a 4-hour time frame. At the $1.5 resistance level, sellers fought against the purchasers. Bulls’ impetus weakened when the price passed the $1.2 threshold and tried to reach the $1.5 high, making it impossible for them to break the level. Market sellers took over the market, and the price tested the $0.94 support level on 10 March. Polygon is bouncing up at the just mentioned level, trying to break up the $1.12 level.

The Polygon price is trading above the two EMAs. The 9-period EMA is above the 21-day EMA. At 61 levels, the relative strength index period 14’s signal line is pointing in a bullish direction.

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