Polygon market awaiting a breakout
Polygon (MATICUSD) Price Analysis – 17 April
Polygon might break the $1.19 resistance level, which would push the price up to the $1.31 and $1.42 resistance levels. If sellers are successful in putting together more force, the price can move past the $1.12 support level and be exposed to the $1.01 and $0.94 levels.
Key Levels:
Resistance levels: $1.19, $1.31, $1.42
Support levels: $1.12, $1.01, $0.94
MATIC/USD Long-term Trend: Ranging
MATIC/USD is ranging in the long-term outlook. The Crypto was on the ranging movement last week. The price was trading around $1.12 levels. The resistance level of $1.19 still holds and the bulls are yet to gain enough momentum to break up the level. In addition, the support level of $1.12 still opposes the bears. Hence, the price continues trading within the $1.19 and $1.2 levels.
MATIC is currently trading above both the 9- and 21-period exponential moving averages, indicating an increase in the bulls’ momentum. Polygon might break the $1.19 resistance level, which would push the price up to the $1.31 and $1.42 resistance levels. If sellers are successful in putting together more force, the price can move past the $1.12 support level and be exposed to the $1.01 and $0.94 levels.
MATIC/USD Short-term Trend: Ranging
Polygon is on the ranging movement in a 4-hour time-frame. Over the past three weeks, bears have controlled the MATIC market. The price increase was resisted on March 13 at the $1.19 resistance level. More downward pressure forced the price to approach the $1.01 barrier level. The prior objective of passing the $1.01 threshold was accomplished. The MATIC market is currently trading between $1.12 and $1.19 levels.
The price of Polygon is currently encircling the two EMAs. The 21-day EMA and the 9-period EMA are connected. The signal line for period 14 of the relative strength index is going downward at 52 levels.
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