Polygon Price Is Struggling to Break Up $0.93 Level

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Polygon is ranging around $0.93 resistance level

Polygon (MATICUSD) Price Analysis – 05 December

When the buyers increase their momentum, Polygon will rise to the resistance level of $1.01, this may also increase the price to the $1.12 resistance level. An increase in the bears’ pressure will push the price to break down the support level of $0.89 and the MATIC price may decrease to the support level of $0.76, and $0.70.

Key Levels:

Resistance levels: $0.93, $1.01, $1.12

Support levels: $0.89, $0.76, $0.70

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is bullish on the Long-term outlook. The sellers hold unto the MATICT market till 09 November when it tested the support level of $0.76. MATIC pulled back and retest the resistance level of $1.12. The bears’ pressure increased again and the price declines to test the support level of $0.76 on 21 November. Polygon is increasing currently, struggling to break up the resistance level of $0.93.

MATIC is trading above the 9-periods EMA and 21-periods EMA as evidence of bullish momentum. The fast-moving average has crossed the slow-moving average upside. When the buyers increase their momentum, Polygon will rise to the resistance level of $1.01, this may also increase the price to the $1.12 resistance level. An increase in the bears’ pressure will push the price to break down the support level of $0.89 and the MATIC price may decrease to the support level of $0.76, and $0.70.

MATIC/USD Short-term Trend: Bullish

Polygon is bearish on the medium-term outlook. Two weeks ago, the Polygon market experienced a bearish movement toward the support level of $0.76 level. The just-mentioned level rejected the price and it bounced up. The price is consolidating around the $0.93 level.

The Polygon price is trading slightly above the two EMAs which indicates a bullish trend. The 9-day EMA is interlocked with the 21-period EMA. The relative strength index period 14 is at 51 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.