Polygon Price Declines to Previous Low at $0.56 Level

Bullish reversal envisaged at $0.56 level

Polygon (MATICUSD) Price Analysis –21 August

Polygon must first get through the $0.64 resistance level before attempting to cross the $0.70 and $0.76 resistance levels. The market may move past the $0.56 support level and be exposed to the $0.49 and $0.33 levels if sellers are successful in unifying their forces.

Key Levels:

Resistance levels: $0.64, $0.70, $0.76

Support levels: $0.56, $0.49, $0.33

MATIC/USD Long-term Trend: Bearish

The outlook for MATIC/USD over the long run is bearish. The price action’s double bottom chart pattern led to the intended result at $0.87. In other words, during the price increase of the previous three weeks, sellers intervened to prevent buyers from passing the $0.87 barrier level. The bears had more power after the bullish impetus failed, and they were able to drive the price down to its previous low. Polygon is testing the $0.56 support level in its present trajectory.

Selling is suggested since MATIC is trading below both the 9- and 21-period exponential moving averages. Polygon must first get through the $0.64 resistance level before attempting to cross the $0.70 and $0.76 resistance levels. The market may move past the $0.56 support level and be exposed to the $0.49 and $0.33 levels if sellers are successful in unifying their forces.

MATIC/USD Short-term Trend: Bearish

Polygon is on a bearish movement on a 4-hour time horizon. Last three weeks as the double bottom chart pattern formed at the $0.56 support level, the price increased to $0.87 level, and bulls seized control of the Polygon market. Pressure grew against the $0.87 barrier level as the bearish pressure increased. The price dropped and tested the $0.56 level as sellers opposed the bulls. Currently, buyers are attempting to counter the sellers at the $0.57 level.

The price of Polygon is trading below the two EMAs. The 9-period EMA is close to the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 36, signaling a buy.

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