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Polygon (MATICUSD) Price Analysis – 01 January
Polygon has to overcome the $0.97 barrier before it can get past the resistance levels of $1.04 and $1.12. The market may breach the $0.94 support level and expose itself to the $0.87 and $0.76 levels if sellers gather some momentum
Key Levels:
Resistance levels: $0.97, $1.04, $1.12
Support levels: $0.94, $0.87, $0.76
MATIC/USD Long-term Trend: Bearish
For MATIC/USD, the long-term picture is bleak. Last week, prices for cryptocurrencies have been under pressure from sellers. This occurred following the confrontation with resistance at $1.12. Before the bearish trend of the previous weeks began, the price touched the $1.12 barrier level. Sellers stopped the market from going much higher. The level that was previously stated was guarded by bears. After testing the mentioned level, the price declined. At the moment, it is trading below the $0.97 barrier level.
When MATIC is trading near exponential moving averages, the market is dominated by bears. The 21-EMA is above the 9-EMA period. Polygon has to overcome the $0.97 barrier before it can get past the resistance levels of $1.04 and $1.12. The market may breach the $0.94 support level and expose itself to the $0.87 and $0.76 levels if sellers gather some momentum.
MATIC/USD Short-term Trend: Bearish
The 4-hour declination of a polygon is displayed. The price activity on the 4-hour time frame resulted in a double top chart pattern at $1.12 from the previous week. It appears that buyers are unable to increase the price above $1.12. It fell, testing the $0.94 support level. The $0.93 level is currently being retested.
At the moment, Polygon’s price is below both EMAs. The 21-period EMA is being crossed over by the 9-day EMA. The relative strength index’s period 14 signal line is at level 49, suggesting a potential selling opportunity.
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