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Bulls’ Momentum Increases in Polygon Market
Polygon (MATICUSD) Price Analysis – 01 January
In case the bears’ momentum picks up any further, Polygon might fall below the $0.76 mark and be exposed to the $0.70 and $0.65 levels. If buyers manage to hold on to the $0.76 support level, Polygon will increase and may break through the $0.87 resistance level, which could cause the price to increase to the $0.93 and $1.01 resistance levels.
Key Levels:
Resistance levels: $0.87, $0.93, $1.01
Support levels: $0.76, $0.70, $0.65
MATIC/USD Long-term Trend: Bearish
The long-term outlook is bearish for the MATIC/USD pricing. The pricing for MATIC/USD is not looking good in the long run. The Polygon traded between $0.93 and $0.89 over the past three weeks. When sellers gathered further momentum, the price was compelled to fall and break through the previous support level of $0.87. The $0.76 support level was tested on December 16. It backed off. The coin was testing the $0.76 support level yesterday as sellers dominated the market. Today, buyers are gaining more pressure and price may increase.
MATIC is trading below both the 9- and 21-period exponential moving averages in close contact, indicating a bearish market. The downside of the fast-moving average has crossed the slow-moving average. In case the bears’ momentum picks up any further, the price might fall below the $0.76 mark and be exposed to the $0.70 and $0.65 levels. If buyers manage to hold on to the $0.76 support level, Polygon will increase and may break through the $0.87 resistance level, which could cause the price to increase to the $0.93 and $1.01 resistance levels.
MATIC/USD Short-term Trend: Bullish
In the medium run, Polygon is on the bullish movement. A few weeks ago, the coin’s price was held at $0.93, and it was impossible to move past it. Sellers increased pressure on December 16 to drive the price below the $0.87 support level. The bears’ power was inadequate last week to lower it below the $0.76 mark. The current price for Polygon is increasing towards $0.87 resistance level.
The Polygon price moving above the two EMAs as a sign of a bullish market. The 9-day EMA is trying to cross the 21-period EMA. At 59 levels, the signal line on the relative strength index period 14 is showing a clear positive direction.
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