Polygon Price May Increase Above $1.01 Level

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Bulls’ Momentum may increase in Polygon Market

Polygon (MATICUSD) Price Analysis – 23 January

The price may rise above the $1.01 resistance level and be exposed to the $1.12 and $1.19 levels when the bulls’ momentum strengthens further. If sellers successfully hold off buyers at the $1.01 resistance level, Polygon might fall and possibly breach the $0.94 support level, pushing the price down to the $0.87 and $0.76 support levels.

Key Levels:

Resistance levels: $1.01, $1.12, $1.19

Support levels: $0.94, $0.87, $0.76

MATIC/USD Long-term Trend: Bullish

MATIC/USD is bullish in the long-term outlook. Buyers dominate MATIC market. The bearish trend stopped once the Polygon price fell to the $0.76 support level. Customers exerted enough pressure to move the coin in a northward direction. The price busted through the $0.87 and $0.94 resistance levels as buyers gained strength. The price rose over the $1.01 barrier mark yesterday, but sellers resisted the rise. It is currently retreating.

The trading of MATIC slightly above both the 9- and 21-period exponential moving averages confirms the bullish trend. The fast-moving average’s upside has surpassed the slow-moving average. The price may rise above the $1.01 resistance level and be exposed to the $1.12 and $1.19 levels when the bulls’ momentum strengthens further. If sellers successfully hold off buyers at the $1.01 resistance level, Polygon might fall and possibly breach the $0.94 support level, pushing the price down to the $0.87 and $0.76 support levels.

MATIC/USD Short-term Trend: Ranging

Polygon is on the ranging movement in a 4-hour time-frame. In an effort to lower the price below the $0.87 support level, sellers put extra pressure on the market on December 16. It was reduced to $0.76 thanks to the three weeks’ worth of selling activity. The price resumed advancing approaching the $0.87 barrier level as buyers resisted the movement. Last week, levels $0.87 and $0.97 as well as $1.01 were touched. The just-mentioned level holds and the price is currently dangling within the $1.01 and $0.94 level.

The Polygon price is moving around the two EMAs as a sign of a ranging market. The 9-day EMA is close to the 21-period EMA. The signal line on the relative strength index period 14 is not showing a clear positive direction at 52 levels.

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