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Bullish reversal envisaged at $0.49 zone
Polygon (MATICUSD) Price Analysis – 04 September
Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.33 and $0.27 levels
Key Levels:
Resistance levels: $0.56, $0.64, $0.70
Support levels: $0.49, $0.33, $0.27
MATIC/USD Long-term Trend: Bearish
The outlook for MATIC/USD over the long run is bearish. The price is currently heading towards the previous low of June. The bearish movement commenced when the bullish momentum increased the price to the peak of $0.87 resistance level. Last two weeks, buyers tried to oppose the sellers at $0.56 level but sellers prevailed and the price decreased more. Polygon may reverse its direction towards the north this week.
MATIC is trading below both the 9- and 21-period exponential moving averages, selling is suggested. Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.33 and $0.27 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on a bearish movement on a 4-hour time horizon. The price action on a 4-hour time frame is trying to form a double bottom chart pattern at the $0.49 zone. It seems sellers are struggling to push the price to the $0.49 level. The price may drop and test $0.49 level as sellers opposed the bulls. Currently, buyers are attempting to counter the sellers.
The price of Polygon is trading slightly above the two EMAs. The 9-period EMA is crossing the 21-day EMA upside. The relative strength index’s period 14 signal line points upward at level 47, signaling a buy.
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