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Buyers’ pressure increases in Polygon market
Polygon (MATICUSD) Price Analysis – 29 January
Before Polygon can go past the resistance levels of $0.94 and $1.03, it must break through the $0.86 barrier. The market may breach the $0.72 support level and expose itself to the $0.65 and $0.59 levels if sellers find some momentum.
Key Levels:
Resistance levels: $0.86, $0.94, $1.03
Support levels: $0.72, $0.65, $0.59
MATIC/USD Long-term Trend: Bullish
The long-term picture for MATIC/USD is negative. Over the past four weeks, sellers have been driving down the price of cryptocurrencies. This was at $1.09, following the fight with the opposition. The price was rejected at the $1.09 barrier before to the last two-week bearish trend. Sellers prevented the market from climbing higher. The level that was previously stated was guarded by bears. When it was breaking down the former support levels of $0.94, $0.86, it tested the support level of $0.72 and bounced up. At the moment, the price is pulling back towards $0.86 level.
The market is in the hands of bears when MATIC is trading below the Hull Suite indicator. Before Polygon can go past the resistance levels of $0.94 and $1.03, it must break through the $0.86 barrier. The market may breach the $0.72 support level and expose itself to the $0.65 and $0.59 levels if sellers find some momentum.
MATIC/USD Short-term Trend: Bullish
The 4-hour inclination of a polygon is displayed. The price movement on the 4-hour time frame resulted in a tiny double bottom chart pattern at $0.72 level from the last week. It appears that sellers are unable to lower the price below $0.72. At $0.72, it repels and increases towards the resistance level of $0.86 level. Right now, MATIC is targeting $0.86 level.
The fact that Polygon is currently more costly than Hull Suite suggests that prices are about to incline. The QQE MOD indicator is above zero, thus there may be additional opportunities to buy.
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