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Polygon price tested $0.47 Support Level
Polygon (MATICUSD) Price Analysis – 12 June
When Polygon crosses the $0.64 resistance level, it can then cross the $0.70 and $0.76 resistance levels. The market may move past the $0.47 support level and be exposed to the $0.40 and $0.37 levels if sellers are successful in unifying their forces.
Key Levels:
Resistance levels: $0.64, $0.70, $0.76
Support levels: $0.47, $0.40, $0.37
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. When bears exerted more pressure on prices than buyers after the rejection at $1.31 level. The price reduced to the $0.82 support level due to additional bearish pressure. The sellers lose their pressure and could not reduce the price further. In the same way, buyers’ pressure is weak, and this lead to a ranging movement between $0.95 and $0.87 levels two weeks ago. Last week, Sellers’ pressure broke down $0.87 level and the price tested $0.47 and bounced back.
MATIC is currently trading below both the 9- and 21-period exponential moving averages indicating sell signal. When Polygon crosses the $0.64 resistance level, it can then cross the $0.70 and $0.76 resistance levels. The market may move past the $0.47 support level and be exposed to the $0.40 and $0.37 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement on a 4-hour time-frame. For more than five weeks, bears have controlled the MATIC market. On April 26, the price increase was halted at the $1.01 resistance level. It got closer to $0.87 as the price kept dropping. At $0.82, the primary objective was accomplished, but it failed to successfully break the level. Prices in the MATIC market are currently pulling back after testing the support level of $0.47.
The price of Polygon is trading below the two EMAs. The 9-period EMA is below the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 42, signaling a buy.
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