Polygon price may decrease further to $0.87 Level
Polygon (MATICUSD) Price Analysis – 08 May
In the event that Polygon breaches the $0.87 support level, the $0.82 and $0.76 support levels are also reachable. The price may advance past the $0.95 resistance level and be exposed to the $1.01 and $1.12 levels if buyers are successful in combining more force.
Key Levels:
Resistance levels: $0.95, $1.01, $1.12
Support levels: $0.87, $0.82, $0.76,
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. Because sellers are exerting more pressure than buyers, the prior support level of $1.12 was breached. The cost varied throughout the preceding week between $1.01 and $0.95. The bulls were unable to muster enough muscle to break past the $1.01 resistance level, which is still in place. The price is currently declining below the $0.95 support level due to more bearish pressure. The price is currently exposed to a $0.87 support level.
The fact that MATIC is currently trading below both the 9- and 21-period exponential moving averages suggests that the momentum is shifting in favor of the bears. In the event that Polygon breaches the $0.87 support level, the $0.82 and $0.76 support levels are also reachable. The price may advance past the $0.95 resistance level and be exposed to the $1.01 and $1.12 levels if buyers successfully combine more force.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement in a 4-hour time-frame. The MATIC market has been under the thumb of bears for the last four weeks. The $1.19 resistance level denied the price increase on March 13. The price continued to fall, edging ever closer to the $0.95 level. Passing the $1.01 mark was the initial goal, and it was done. On the MATIC market, prices are presently breaking through the $0.95 barrier.
Currently, the price of Polygon is lower than the two EMAs. The 21-period EMA has been passed below by the 9-day EMA. The relative strength index’s period 14 signal line is sloping downward at level 34, signaling a sell.
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