Bears may continue to dominate Polygon Market
Polygon (MATICUSD) Price Analysis – 27 February
When the bulls’ momentum picks up even more steam, the price may move past the $1.31 resistance level and be exposed to the $1.43 and $1.54 levels. Polygon may decrease and breach the $1.20 support level, which would drive the price down to the $1.18 and $1.01 support levels if sellers are successful in deterring buyers at the $1.13 resistance level.
Key Levels:
Resistance levels: $1.31, $1.43, $1.54
Support levels: $1.20, $1.18, $1.01
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish in the long-term outlook. The MATIC market was dominated by purchasers last three weeks after the formation of the triple bottom chart pattern at the support level of $0.75. The price smashed past resistance at $1.01 and $1.20 as buyers gained strength. The resistance level of $1.54 was tested on February 17. The coin is currently retreating to retest the $1.20 support level. The bearish movement may continue as long as sellers exert more pressure.
The MATIC is trading below the exponential moving averages of both the 9- and 21-periods is evidence of the price decrease. The rapid-moving average is trying to cross a lower downside than the slow-moving average. When the bulls’ momentum picks up even more steam, the price may move past the $1.31 resistance level and be exposed to the $1.43 and $1.54 levels. Polygon may decrease and breach the $1.20 support level, which would drive the price down to the $1.18 and $1.01 support levels if sellers are successful in deterring buyers at the $1.13 resistance level.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement in a 4-hour time frame. The price crossed the $1.2 threshold and tested the high of $1.5 after the brief range movement that took place between the $1.01 and $0.94 levels three weeks ago. Sellers opposed the rise, it is now falling and attempting to go below the $1.2 mark.
The price is now decreasing as a sign of a bearish market, the Polygon price is trading below the two EMAs. The 9-period EMA is trying to cross the 21-day EMA downside. At 36 levels, the relative strength index period 14’s signal line is pointing in a bearish direction.
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