Polygon Price May Bounce Off $1.5 Resistance Level

Bears may take over Polygon Market

Polygon (MATICUSD) Price Analysis – 20 February

The price can advance past the $1.5 resistance level and be exposed to the $1.7 and $1.8 levels as the bulls’ impetus gains even more oomph. If sellers are successful in discouraging buyers at the $1.5 resistance level, Polygon may decline and breach the $1.2 support level, which would lower the price to the $1.0 and $0.75 support levels.

Key Levels:

Resistance levels: $1.5, $1.7, $1.8

Support levels: $1.2, $1.0, $0.75

MATIC/USD Long-term Trend: Bullish

MATIC/USD is bullish in the long-term outlook. The triple bottom chart pattern, which was formed on January 2 at the support level of $0.75, is continuing to drive MATICUSD’s advance. The MATIC market is still dominated by purchasers. The push to move northward on the currency came from buyers. The price smashed past resistance at $1.0 and $1.2 as buyers gained strength. The resistance level of $1.5 was tested on February 17. Monero is currently retreating to retest the $1.2 level.

The fact that MATIC is still trading above the exponential moving averages of both the 9- and 21 periods is evidence of the price increase. The rapid-moving average has a higher upside than the slow-moving average. The price can advance past the $1.5 resistance level and be exposed to the $1.7 and $1.8 levels as the bulls’ impetus gains even more oomph. If sellers are successful in discouraging buyers at the $1.5 resistance level, Polygon may decline and breach the $1.2 support level, which would lower the price to the $1.0 and $0.75 support levels.

MATIC/USD Short-term Trend: Bullish

Polygon is on the bullish movement on a 4-hour time-frame. The brief range movement that took place between the $1.01 and $0.94 levels during the preceding three weeks came to an end as the bulls defeated the bears. The price recently crossed the $1.2 threshold and tested the high of $1.5, but because sellers are opposing the rise, it is now falling and attempting to go below the $1.5 mark.

The positive momentum seems to have peaked, and the price is now decreasing. As a sign of a bearish market, the Polygon price is trading below the two EMAs. The downside is that the 9-period EMA is trying to cross the 21-day EMA. At 58 levels, the relative strength index period 14’s signal line points a bearish direction.

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