Polygon Price: Double Top Chart Pattern at $0.94

Bearish trend increases in Polygon market

Polygon (MATICUSD) Price Analysis – 11 December

Before Polygon can overcome the resistance levels of $0.94 and $0.97, it must first overcome the $0.87 barrier. If sellers gain some traction, the market can break through the $0.76 support level and expose itself to the $0.70 and $0.64 levels.

Key Levels:

Resistance levels: $0.87, $0.94, $0.97

Support levels: $0.76, $0.70, $0.64

MATIC/USD Long-term Trend: Bearish

For MATIC/USD, the long-term prognosis is favorable. Seller pressure has been applied to cryptocurrencies during the last two weeks. This happened after it found resistance at $0.97.  Because of the bullish momentum, the price reached a high of the $0.97 barrier level before the last two weeks’ negative trend started. The market was prevented from rising further by sellers. Following a test of $0.87 last week. Bears defended the level that was just mentioned. It is currently below the resistance level of $0.87.

Bears are in charge of the market when 9-EMA periods are above 21-EMA and MATIC trading is above exponential moving averages at close range. Before Polygon can overcome the resistance levels of $0.94 and $0.97, it must first overcome the $0.87 barrier. If sellers gain some traction, the market can break through the $0.76 support level and expose itself to the $0.70 and $0.64 levels.

MATIC/USD Short-term Trend: Bearish

The 4-hour declination of a polygon is displayed. The price activity on the 4-hour time frame resulted in a double top chart pattern at $0.94 from the previous week. It appears that buyers are unable to increase the price above $0.94. The price dropped and it is coming down towards the $0.76 support level. Sellers’ pressure stopped further price increases.

Polygon’s price is currently below both EMAs. The 9-day EMA is crossing over the 21-period EMA downside. The period 14 signal line of the relative strength index is positive at level 41 indicating a purchase opportunity.

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