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Bearish momentum increases in Polygon market
Polygon (MATICUSD) Price Analysis – 18 December
Polygon has to cross the $0.87 barrier before it can move past the resistance levels of $0.94 and $0.97. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers gather some momentum
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 outlook is bearish in the long run. Over the past two weeks, cryptocurrency prices have been under to buyers’ pressure. This occurred after encountering resistance at $0.97. The price hit the $0.97 barrier level before the previous two weeks’ bearish trend began, thanks to the positive momentum. Sellers kept the market from soaring further higher. After last week’s $0.87 test. The bears defended the previously described level. At the moment, it is below the $0.87 resistance level.
When MATIC trading is below exponential moving averages at close range and 9-EMA periods is below 21-EMA, bears are in control of the market. Polygon has to cross the $0.87 barrier before it can move past the resistance levels of $0.94 and $0.97. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers gather some momentum.
MATIC/USD Short-term Trend: Bearish
A polygon’s 4-hour declination is shown. At $0.94 from the prior week, the price activity on the 4-hour time frame produced a double top chart pattern. Buyers don’t seem to be able to raise the price above $0.94. The price fell and is now approaching the support level of $0.76. Pressure from sellers prevented additional price increases.
At the moment, Polygon’s price is below both EMAs. The downside 21-period EMA is being crossed over by the 9-day EMA. The relative strength index’s period 14 signal line is at level 37, suggesting a selling opportunity.
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