Bearish trend continues in Polygon Market
Polygon (MATICUSD) Price Analysis – 27 March
Polygon may decrease and breach the $1.01 support level, which would drive the price down to the $0.94 and $0.87 support levels. If buyers are successful in gathering more force, the price may move upside past the $1.12 resistance level and be exposed to the $1.20 and $1.31 levels.
Key Levels:
Resistance levels: $1.12, $1.20, $1.31
Support levels: $1.01, $0.94, $0.87
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. From the $1.54 barrier high, the price of cryptocurrency started to decline. With the development of further bearish pressure, sellers increase their pressure. On March 10, it breached the previous support levels of $1.42 and $1.31 and found support at $0.94. The price declined to break down the $1.20 and $1.12 resistance levels. It is currently facing a support level of $1.01.
MATIC is currently trading slightly below the 9-period EMA and 21-period EMA as a sign of bearish movement. Polygon may decrease and breach the $1.01 support level, which would drive the price down to the $0.94 and $0.87 support levels. If buyers are successful in gathering more force, the price may move upside past the $1.12 resistance level and be exposed to the $1.20 and $1.31 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement in a 4-hour time-frame. Last week, bears were in charge of the MATIC market. On 13 March, $1.20 level rejected the price increase as a resistance level. Further bearish pressure declines the price toward the $1.01 barrier level. The price penetrated the just mentioned level targeting $1.01 level. Sellers are saturating the MATIC market.
The Polygon price is trading below the two EMAs. The 9-period EMA is below the 21-day EMA. At 33 levels, the relative strength index period 14’s signal line is pointing in a bearish direction.
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