Polygon price is awaiting a breakout
Polygon (MATICUSD) Price Analysis – 05 June
When Polygon crosses the $0.95 resistance level, it can then cross the $1.01 and $1.12 resistance levels. The market may move past the $0.87 support level and be exposed to the $0.82 and $0.76 levels if sellers are successful in unifying their forces.
Key Levels:
Resistance levels: $0.95, $1.01, $1.12
Support levels: $0.87, $0.82, $0.76
MATIC/USD Long-term Trend: Ranging
MATIC/USD is ranging in the long-term outlook. The February high was reached at the resistance level of $1.54 on 17 February. When bears exerted more pressure on prices than buyers, the mentioned resistance level was defended. The bullish pressure was unable to break up $1.54 resistance level. Polygon reduced to the $0.82 support level due to additional bearish pressure. The sellers lose their pressure and could not reduce the price further. In the same way, buyers’ pressure is weak and this leads to ranging movement within $0.95 and $0.87 levels.
MATIC is currently trading around both the 9- and 21-period exponential moving averages, the bulls’ momentum is weak. When Polygon crosses the $0.95 resistance level, it can then cross the $1.01 and $1.12 resistance levels. The market may move past the $0.87 support level and be exposed to the $0.82 and $0.76 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Ranging
Polygon is on the ranging movement in a 4-hour time-frame. The MATIC market has been under the thumb of bears for more than five weeks. The $1.01 resistance level halted the price advance on April 26. The cost continued to decrease as it approached $0.87. The main goal was reached at $0.82, and it was unable to breach the level successfully. Currently, prices of the MATIC market is consolidating within $0.95 and $0.87 levels.
The price of Polygon is hovering around the two EMAs. The 9-period EMA is locked to the 21-day EMA. The relative strength index’s period 14 signal line is pointing downward at level 39, signaling a sell.
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