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.
You can purchase crypto coins here: Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus