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Bears are dominating Polygon market
Polygon (MATICUSD) Price Analysis – 31 July
Before attempting to cross the $0.76 and $0.82 resistance levels, Polygon must first overcome the $0.70 resistance level. If sellers successfully unify their forces, the market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels.
Key Levels:
Resistance levels: $0.70, $0.76, $0.82
Support levels: $0.64, $0.56, $0.49
MATIC/USD Long-term Trend: Bearish
The outlook for MATIC/USD over the long run is bearish. The price action’s double bottom chart pattern’s intended outcome was realized. In other words, last week the price surpassed the $0.87 resistance level before sellers interrupted buyers. When the bullish momentum failed, the bears had greater power and could lower the price to its prior low. At this time, Polygon is moving toward the $0.64 support level.
MATIC is trading below the 9- and 21-period exponential moving averages, meaning that selling is advised. Before attempting to cross the $0.76 and $0.82 resistance levels, Polygon must first overcome the $0.70 resistance level. If sellers successfully unify their forces, the market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on a bearish movement on a 4-hour time horizon. Bulls grabbed control of the Polygon market as the double bottom chart pattern developed near the support level of $0.56 two weeks ago. As the price increased, the $0.87 resistance level was put to the test. That was the target of the bulls’ past two weeks. Sellers defended the resistance level of $0.87, the price dropped and is now trying to break through the $0.70 support level.
The price of Polygon is trading below the two EMAs. The 9-period EMA has crossed the 21-day EMA downside. The relative strength index’s period 14 signal line is pointing downward at level 41, signaling a sell.
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