Polygon Price: Bullish Reversal Envisaged at $0.82 Support Level

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Polygon price may bounce up at the $0.82 level Level

Polygon (MATICUSD) Price Analysis – 22 May

When Polygon crosses the $0.87 resistance level, it can also reach the $0.95 and $1.01 resistance levels. The price may move past the $0.82 support level and be exposed to the $0.76 and $0.70 levels if sellers are successful in combining their forces.

Key Levels:

Resistance levels: $0.87, $0.95, $1.01

Support levels: $0.82, $0.76, $0.70

MATIC/USD Long-term Trend: Bearish

MATIC/USD is bearish in the long-term outlook. Because sellers are exerting more pressure on prices than buyers, the prior support level of $1.01 has been destroyed. Prior to three weeks ago, the cost varied from $1.01 to $0.95. The $1.01 resistance level is still in place, and bullish pressure was unable to go past it. The price dropped to the $0.82 level of support due to additional bearish pressure. The price is currently consolidating between $0.87 and $0.82 levels.

Given that MATIC is currently trading below both the 9- and 21-period exponential moving averages at close contact, the bulls are probably gaining momentum. When Polygon crosses the $0.87 resistance level, it can also reach the $0.95 and $1.01 resistance levels. The price may move past the $0.82 support level and be exposed to the $0.76 and $0.70 levels if sellers are successful in combining their forces.

MATIC/USD Short-term Trend: Ranging

Polygon is on the ranging movement in a 4-hour time-frame. The MATIC market has been under the thumb of bears for the last four weeks. The $1.01 resistance level stood in the way of the price increase on April 26. The price continued to decline, getting ever closer to $0.87. Reaching $0.82 level was the initial goal, and it was completed. Currently, prices on the MATIC market are fluctuating upward around the $0.82 mark.

At the moment, the price of Polygon is hovering around the two EMAs. The 9-period EMA is interlocked with the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 51, signaling a buy.

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