Polygon price may decrease further to $0.87 Level
Polygon (MATICUSD) Price Analysis – 01 May
Should Polygon smashes through the $0.95 support level, the $0.87 and $0.76 support levels can be attained. If buyers are successful in pooling more force, the price may move past the $1.01 resistance level and be exposed to the $1.12 and $1.20 levels.
Key Levels:
Resistance levels: $1.01, $1.12, $1.20
Support levels: $0.95, $0.87, $0.76
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. The old support level of $1.12 was broken because there is greater pressure from sellers than from buyers. Over the previous week, the price fluctuated around $1.01 and $0.95 levels. The $1.01 resistance level is still in place, and the bulls were unable to gather enough strength to push through it. More bearish pressure causing the price to fall below the $0.95 support level at the moment.
MATIC is currently trading below both the 9- and 21-period exponential moving averages, which indicates that the bears’ momentum is gathering strength. Should Polygon smashes through the $0.95 support level, the $0.87 and $0.76 support levels can be attained. If buyers are successful in pooling more force, the price may move past the $1.01 resistance level and be exposed to the $1.12 and $1.20 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement in a 4-hour time-frame. For the past three weeks, bears have controlled the MATIC market. On March 13, the price increase was rejected by the $1.19 resistance level. More downward pressure caused the price to inch closer to the $0.95 mark. The initial objective, passing the $1.01 level, was accomplished. Prices are currently struggling to break down $0.95 barrier on the MATIC market.
The price of Polygon is currently below the two EMAs. The 9-day EMA has crossed below the 21-period EMA. The signal line for period 14 of the relative strength index is going downward at 34 levels which indicates sell.
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