Polygon Price May Bounce Off $1.5 Resistance Level
Login

Polygon Price May Bounce Off $1.5 Resistance Level

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase crypto coins here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News