Polygon Price: Continuation of Bearish Trend Towards $0.61 Level

Bears’ Pressure Breaks Down $0.65 level

Polygon (MATICUSD) Price Analysis – 10 June

After overcoming the $0.72 barrier, Polygon might be able to reach the $0.86 and $0.91 difficulty levels. If sellers gain some traction, the market can break through the $0.65 support level and expose itself to the $0.59 and $0.55 levels.

Key Levels:

Resistance levels: $0.72, $0.86, $0.91

Support levels: $0.65, $0.61, $0.55

MATIC/USD Long-term Trend: Bearish

There is a poor long-term outlook for MATIC/USD. The sell-off that started on March 14 has caused a decline in the value of cryptocurrencies. This occurred after the contestants’ match, at the $1.27 mark. After a two-week cost reduction, the final amount is $0.72. Consumers are stopping further market downturns. Bulls held onto the level that was highlighted recently. The levels of support and resistance, which are $0.65 and $0.72 are where it is bouncing between. This range phase is the cause of the low volatility.

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When MATIC is trading above the Hull Suite crypto signals indicator, bulls are in charge of the market. After overcoming the $0.72 barrier, Polygon might be able to reach the $0.86 and $0.91 difficulty levels. If sellers gain some traction, the market can break through the $0.65 support level and expose itself to the $0.61 and $0.55 levels.

MATIC/USD Short-term Trend: Bearish

A polygon’s 4-hour declination is shown. On the 4-hour time scale, the price action from the previous week around the $0.65 level resulted in the formation of a tiny double bottom chart pattern. It appears that there is a continuation of bearish trend. The trend is accelerating toward the $0.61 level in spite of buyers’ resistance, ushering in a range phase.

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Given that Hull Suite is now more expensive than Polygon, a price fall makes logical. When the QQE MOD indicator is less than zero, a selling opportunity might be discerned.

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