Polygon Price: Could It Be a Bearish Reversal?

Polygon price retesting $0.76 level

Polygon (MATICUSD) Price Analysis – 17 July

The market may move past the $0.76 support level and be exposed to the $0.70 and $0.64 levels if sellers are successful in unifying their forces. Polygon must first get through the $0.82 resistance level before attempting to cross the $0.87 and $0.94 resistance levels.

Key Levels:

Resistance levels: $0.82, $0.87, $0.94

Support levels: $0.76, $0.70, $0.64

MATIC/USD Long-term Trend: Bullish

The outlook for MATIC/USD over the long run is favorable. The price action played as it was predicted two weeks ago. The formation of a double bottom chart pattern at the support level of $0.56 indicates an increase in the bulls’ momentum. The price increases by breaking up the former resistance level of $0.64, $0.70, and $0.76 levels. The resistance level of $0.82 was tested last week. It is currently pulling back retesting the support level of $0.76.

MATIC is trading above both the 9- and 21-period exponential moving averages at close range, buying is advised. The market may move past the $0.76 support level and be exposed to the $0.70 and $0.64 levels if sellers are successful in unifying their forces. Polygon must first get through the $0.82 resistance level before attempting to cross the $0.87 and $0.94 resistance levels.

MATIC/USD Short-term Trend: Bearish

Polygon is on a bearish movement on a 4-hour time horizon. Bulls started dominating the Polygon market when the double bottom chart pattern appear at the support level of $0.56. The price increased and the resistance level of $0.87 was tested. That was our target last two weeks. The price pulled back and it is trying to break down the support level of $0.76.

The price of Polygon is trading below the two EMAs. The 9-period EMA has crossed the 21-day EMA downside. The relative strength index’s period 14 signal line is pointing downward at level 47, signaling a sell.

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