Polygon Price Is Heading Toward $0.76 Support Level

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Polygon is ranging within $0.87 and $0.76 support level

Polygon (MATICUSD) Price Analysis – 28 November

When the buyers interrupt the buyers at the support level of $0.76, Polygon will rise to the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels. An increase in the bears’ pressure will push the Polygon to break down the support level of $0.76 and the MATIC price may decrease to the support level of $0.70, and $0.64.

Key Levels:

Resistance levels: $0.87, $0.98, $1.01

Support levels: $0.76, $0.70, $0.64

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is bearish on the Long-term outlook. Three weeks ago, MATIC has been under the control of sellers. The polygon is falling from the high $1.31 resistance level. The former support levels of $1.01 and $0.98 have turned into resistance levels. The support level of $0.76 was tested on November 21. It bounced up to retest the resistance level of $0.87. At the moment the sellers are returning to the market.

MATIC is trading below the 9-periods EMA and 21-periods EMA as evidence of bearish momentum. The fast-moving average has crossed the slow-moving average downside. When the buyers interrupt the buyers at the support level of $0.76, Polygon will rise to the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels. An increase in the bears’ pressure will push the price to break down the support level of $0.76 and the MATIC price may decrease to the support level of $0.70, and $0.64.

MATIC/USD Short-term Trend: Bearish

Polygon is bearish on the medium-term outlook. The polygon market is experiencing a bearish movement toward the support level of $0.76 level. The just-mentioned level was tested on November 21 but bears could not penetrate the level downside. The price is consolidating within the $0.84 and $0.76 levels.

The Polygon price is trading below the two EMAs which indicates a bearish trend. The 9-day EMA is interlocked with the 21-period EMA. The relative strength index period 14 is at 39 levels with the signal line pointing down which indicates a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.