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Polygon price pull back at $0.49 Support Level
Polygon (MATICUSD) Price Analysis – 19 June
In order to cross the $0.70 and $0.76 resistance levels, Polygon must first cross the $0.64 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.40 and $0.37 levels.
Key Levels:
Resistance levels: $0.64, $0.70, $0.76
Support levels: $0.49, $0.40, $0.37
MATIC/USD Long-term Trend: Bearish
The outlook for MATIC/USD over the long run is unfavorable. After the $1.31 rejection, bears put more pressure on prices than buyers. Additional bearish pressure caused the price to drop to the $0.82 support level. The sellers lost their leverage and were unable to lower the price any further. Similar to the previous example, weak buyer demand three weeks ago resulted in range-bound trading between $0.95 and $0.87 levels. Last week, the price reached $0.49 before bouncing back due to sellers’ pressure breaking below the $0.64 mark.
Selling is recommended as MATIC is currently trading below both the 9- and 21-period exponential moving averages. In order to cross the $0.70 and $0.76 resistance levels, Polygon must first cross the $0.64 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.40 and $0.37 levels.
MATIC/USD Short-term Trend: Bearish
On a 4-hour time horizon, Polygon is moving bearish. The MATIC market has been under the thumb of bears for more than five weeks. The price growth was stopped on April 26 at the $1.01 barrier level. The cost continued to decline, drawing nearer to $0.87. The main goal was completed at $0.82, however, it was able to effectively break the level and tested $0.49 level. After testing the $0.49 support level, it retreats and currently ranges within $0.64 and $0.49 levels.
The price of Polygon is trading around the two EMAs. The 9-period EMA is coiled around the 21-day EMA. The relative strength index’s period 14 signal line is pointing downward at level 42, signaling a sell.
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