Bearish trend continues in Polygon Market
Polygon (MATICUSD) Price Analysis – 20 March
Polygon may increase and breach the $1.20 resistance level, which would drive the price up to the $1.31 and $1.42 resistance levels. If sellers are successful in gathering more force, the price may move downside past the $1.12 support level and be exposed to the $1.01 and $0.94 levels.
Key Levels:
Resistance levels: $1.20, $1.31, $1.42
Support levels: $1.12, $1.01, $0.94
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. The Crypto began to fall from the high of $1.54 resistance level. Sellers intensify more pressure with the formation of more bearish pressure. The former support level of $1.42, $1.31 was penetrated downside and it located a support level at $0.94 level on 10 March. The bulls defended the just-mentioned level and the price pulled back to retest the resistance level of $1.20. Price may still go down further.
MATIC is currently trading slightly above the 9-period EMA and 21-period EMA as a sign of bullish movement. Polygon may increase and breach the $1.20 resistance level, which would drive the price up to the $1.31 and $1.42 resistance levels. If sellers are successful in gathering more force, the price may move downside past the $1.12 support level and be exposed to the $1.01 and $0.94 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement in a 4-hour time frame. Bulls were in control of the MATIC market last week. The support level of $0.94 was tested on 10 March. The bulls resist further price decreases and the price increase toward $1.31 resistance level. It has not reached the mark before it reversed. Bears are trying to put more pressure on the market, in other words, sellers are dominating the MATIC market.
The Polygon price is trading below the two EMAs. The 9-period EMA is below the 21-day EMA. At 44 levels, the relative strength index period 14’s signal line is pointing in a bearish direction.
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