Polygon Price Is Ranging Within $0.93 and $0.89 Levels

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Polygon is awaiting a breakout

Polygon (MATICUSD) Price Analysis – 12 December

In case the buyers gain more pressure, Polygon will increase and may break up the resistance level of $0.93, it may also increase the price to $1.01 and $1.12 resistance levels. When there is an increase in the bears’ pressure, Polygon may decrease to $0.89, $0.76, and $0.70 support levels.

Key Levels:

Resistance levels: $0.93, $1.01, $1.12

Support levels: $0.89, $0.76, $0.70

MATIC/USD Long-term Trend: Ranging

MATIC/USD price is ranging on the Long-term outlook. The sellers’ momentum pushed the coin to test the support level of $0.76 on 21 November. The just-mentioned support level holds and the price could not decline below the level. The bullish engulfing candle formed triggered a bullish movement that pushed the price to the resistance level of $0.93. The bullish pressure failed and the price started a ranging movement within the $0.93 and $0.89 levels.

MATIC is trading within and around the 9-periods EMA and 21-periods EMA as evidence of a ranging market. The fast-moving average is close to the slow-moving average. In case the buyers gain more pressure, Polygon will increase and may break up the resistance level of $0.93, it may also increase the price to $1.01 and $1.12 resistance levels. When there is an increase in the bears’ pressure, the price may decrease to $0.89, $0.76, and $0.70 support levels.

MATIC/USD Short-term Trend: Ranging

Polygon is ranging on the medium-term outlook. The bearish movement experienced last three weeks in the Polygon market made the coin test the support level of $0.76 twice. Polygon price could not break down the mentioned level but rather bounced up to test the resistance level of $0.93. The bulls’ momentum became weak and the price commences a consolidation movement.

The Polygon price is hovering around the two EMAs which indicates a ranging market. The 9-day EMA is interlocked with the 21-period EMA. The relative strength index period 14 is at 38 levels with the signal line displaying no specific direction.

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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.