Polygon Price May Decline Further to $0.70 Support Level

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Polygon is testing the $0.79 support level

Polygon (MATICUSD) Price Analysis – 21 November

When the sellers increase their pressure, the support level of $0.79 may be penetrated downside, and the Polygon price may decrease to the support level of $0.70, and $0.64. When the buyers defend the support level of $0.79, Polygon will break up the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels.

Key Levels:

Resistance levels: $0.87, $0.98, $1.01

Support levels: $0.79, $0.70, $0.64

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is bearish, on the Long-term outlook. Polygon was under the sellers’ control a few weeks ago, in other words, the coin was bearish. The bullish momentum pushed up the crypto to the resistance level of $1.31. Sellers opposed the bulls at the same level with the formation of bearish engulfing candles. The price declined and tested the support level of $0.76 on November 09. The price pulled back to retest the $1.12 resistance level. The price is decreasing to retest the low of last week at the moment.

The fast-moving average has crossed the slow-moving average downside. MATIC is trading below the 9-periods EMA and 21-periods EMA as evidence of bearish momentum.  In case the bears exert more pressure, the support level of $0.79 may be penetrated downside, and MATIC price may decrease to the support level of $0.70, and $0.64. When the buyers defend the support level of $0.79, Polygon will break up the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels.

MATIC/USD Short-term Trend: Bearish

Polygon is bearish on the medium-term outlook. Polygon market experienced a bearish breakout at the support level of $0.87 after a long period of ranging within the $0.93 and $0.87 levels. The bearish movement may continue to the support level of $0.70.

The Polygon price is trading below the two EMAs which indicates a bearish trend. The 9-day EMA is below the 21-period EMA. The relative strength index period 14 is at 27 levels with the signal line pointing up which indicates a buy signal which may be a pullback.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.