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Polygon price is under bullish pressure
Polygon (MATICUSD) Price Analysis – 10 July
Polygon must first get through the $0.70 resistance level before attempting to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.49 and $0.40 levels if sellers are successful in unifying their forces.
Key Levels:
Resistance levels: $0.70, $0.76, $0.82
Support levels: $0.64, $0.49, $0.40
MATIC/USD Long-term Trend: Bullish
The outlook for MATIC/USD over the long run is favorable. Bears put greater pressure on prices after the $1.31 rejection than did buyers. Price was still seeing additional downward pressure as it got closer to the $0.82 support level. The vendors were no longer able to negotiate a lower price. The price sank to $0.49 over the past three weeks as sellers’ pressure fell below $0.64 before rising once more. The buyers pushed the price to test $0.70 last week. It is currently attempting to split up the level I just indicated.
Given that MATIC is trading above both the 9- and 21-period exponential moving averages, buying is advised. Polygon must first get through the $0.70 resistance level before attempting to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.49 and $0.40 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Bullish
On a 4-hour time horizon, Polygon is on a bullish movement. For more than five weeks, bears have controlled the MATIC market. The price dropped even more, getting close to $0.87. At $0.82, the primary objective was accomplished, but it also breached the level and attempted $0.49 successfully. After being tested at the $0.49 support level, it pulled back and is now bouncing up toward the $0.70 resistance level.
The price of Polygon is trading above the two EMAs. The 9-period EMA has crossed the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 50, signaling a buy.
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