Bulls’ Momentum Increases in Polygon Market
Polygon (MATICUSD) Price Analysis – 09 January
In case the bulls’ momentum increases further, Polygon might increase above the $0.87 mark and be exposed to the $0.94 and $1.01 levels. If sellers manage to hold on to the $0.87 resistance level, Polygon will decrease and may break through the $0.76 support level, which could cause the price to decrease to the $0.70 and $0.65 support levels.
Key Levels:
Resistance levels: $0.87, $0.94, $1.01
Support levels: $0.76, $0.70, $0.65
MATIC/USD Long-term Trend: Bullish
The long-term outlook is bullish for MATIC/USD pricing. Towards the end of last week, the pricing for MATIC/USD is looking good in the long run. The Polygon price fell to the support level of $0.76 and started trading at low momentum around the just mentioned level. On 08 January, the buyers gathered enough momentum and the price broke up the dynamic resistance level. Today, buyers gathered further momentum, the price is currently testing the resistance level of $0.87 in which may be a broken upside if buyers exert more pressure.
MATIC is trading above both the 9- and 21-period exponential moving averages, indicating a bullish market. The upside of the fast-moving average has crossed the slow-moving average. In case the bulls’ momentum increases further, the price might increase above the $0.87 mark and be exposed to the $0.94 and $1.01 levels. If sellers manage to hold on to the $0.87 resistance level, Polygon will decrease and may break through the $0.76 support level, which could cause the price to decrease to the $0.70 and $0.65 support levels.
MATIC/USD Short-term Trend: Bullish
Polygon is on the bullish movement in the medium run. When Sellers increased pressure on December 16 to drive the price below the $0.87 support level. The sellers’ momentum was adequate last two weeks to lower it to the $0.76 mark. The purchaser defended the just mentioned level and the price started increasing towards $0.87 resistance level.
The 9-day EMA has crossed the 21-period EMA upside. The Polygon price moving above the two EMAs as a sign of a bullish market. The signal line on the relative strength index period 14 is showing a clear positive direction at 70 levels.
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