Polygon Price May Experience a Bearish Reversal at $1.19 Level

Bears may take over Polygon Market

Polygon (MATICUSD) Price Analysis – 23 January

When the bulls’ momentum picks up even more steam, the price can move past the $1.19 resistance level and be exposed to the $1.31 and $1.40 levels. Polygon may decline and breach the $1.12 support level, which would drive the price down to the $1.01 and $0.94 support levels if sellers successfully deter buyers at the $1.19 resistance level.

Key Levels:

Resistance levels: $1.19, $1.31, $1.40

Support levels: $1.12, $1.01, $0.94

MATIC/USD Long-term Trend: Bullish

MATIC/USD is bullish in the long-term outlook. Purchasers continue to dominate the MATIC market. When the bearish trend stopped at the support level of $0.76 on 02 January. Buyers applied enough pressure to move the currency toward the north. As buyers became more powerful, the price broke through the $0.94 and $1.01 resistance levels. Yesterday, the price increased and tested the $1.19 threshold, but sellers are resisting the increase today.

MATIC is trading above both the 9- and 21-period exponential moving averages at distance, confirming the bullish trend. The upside of the fast-moving average has surpassed that of the slow-moving average. When the bulls’ momentum picks up even more steam, the price can move past the $1.19 resistance level and be exposed to the $1.31 and $1.40 levels. Polygon may decline and breach the $1.12 support level, which would drive the price down to the $1.01 and $0.94 support levels if sellers successfully deter buyers at the $1.19 resistance level.

MATIC/USD Short-term Trend: Bearish

Polygon is on the bearish movement in a 4-hour time-frame. When the purchasers resisted the bearish movement at the $0.76 level, the price started moving upward and it approached the $0.87 barrier level. Last week, the price was hanging between $0.94 and $1.01. On January 23, buyers gained more pressure and the $1.01 level was breached. The price reached a high of $1.19. It seems the buyers’ momentum is getting weak and the price is currently pulling back.

The Polygon price is trading below the two EMAs as a sign of a bearish market. The 9-day EMA is crossing the 21-period EMA downside. The signal line on the relative strength index period 14 is showing a bearish direction at 41 levels.

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