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Bears’ momentum may fail at $0.64 level
Polygon (MATICUSD) Price Analysis – 07 August
Polygon must first get through the $0.70 resistance level before attempting to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels if sellers are successful in unifying their forces
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 planned result of the price action’s double bottom chart pattern was achieved at $0.87. In other words, sellers intervened during last week’s price rise to prevent buyers from passing through the $0.87 barrier level. The bears had more clout when the bullish impetus failed, and they were able to drive the price down to its previous low. Polygon is now heading in the direction of the $0.64 support level.
Selling is suggested since MATIC is trading below both the 9- and 21-period exponential moving averages. Polygon must first get through the $0.70 resistance level before attempting to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Bearish
Polygon is on a bearish movement on a 4-hour time horizon. When the double bottom chart pattern began to take shape near the $0.56 support level two weeks ago, bulls seized control of the Polygon market. The $0.87 resistance level came under pressure as the price rose. When sellers successfully defended the $0.87 resistance level, the price fell and is currently attempting to breach the $0.64 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 48, signaling a sell.
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