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.
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.
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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