Polygon Price: In Case Support Level of $1.12 Is Breached, $1.01 Level May Be Tested

Bearish trend may continue in Polygon Market

Polygon (MATICUSD) Price Analysis – 06 March

In case sellers are successful in discouraging buyers at the $1.20 resistance level, Polygon may decline and breach the $1.12 support level, which would lower the price to the $1.01 and $0.94 support levels. The price may advance past the $1.20 resistance level and be exposed to the $1.31 and $1.43 levels as the bulls’ momentum gains more traction

Key Levels:

Resistance levels: $1.20, $1.31, $1.43

Support levels: $1.12, $1.01, $0.94

MATIC/USD Long-term Trend: Bearish

MATIC/USD is bearish in the long-term outlook. The bullish pressure in the MATIC market has pushed the price high to the resistance level of $1.54 on 18 February. The purchasers tried to break up the just-mentioned level but the sellers defended the mark. Strong bearish candles were produced as an indication of an increase in the sellers’ momentum. The price smashed past support at $1.42 and $1.20 as sellers gained strength. The support level of $1.12 is tested today. The bearish movement may continue as long as sellers exert more pressure.

The MATIC continues trading below the exponential moving averages of both the 9- and 21-periods as evidence of a bearish trend. The rapid-moving average has crossed the lower downside the slow-moving average. In case sellers are successful in discouraging buyers at the $1.20 resistance level, Polygon may decline and breach the $1.12 support level, which would lower the price to the $1.01 and $0.94 support levels. The price may advance past the $1.20 resistance level and be exposed to the $1.31 and $1.43 levels as the bulls’ momentum gains more traction.

MATIC/USD Short-term Trend: Bearish

Polygon is on the bearish movement in a 4-hour time-frame. Sellers opposed the buyers at the resistance level of $1.5. When the price crossed the $1.2 threshold and tested the high of $1.5, bulls’ momentum became weak and could not break up the level.  Sellers took over the market and the price is struggling to break down $1.12 level at the moment.

The Polygon price is trading below the two EMAs. The 9-period EMA is below the 21-day EMA. At 39 levels, the relative strength index period 14’s signal line is pointing in a bearish direction.

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