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Polygon price is under bulls’ pressure
Polygon (MATICUSD) Price Analysis – 26 June
Polygon must first surpass the $0.70 resistance level in order to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.49 and $0.40 levels if sellers are successful in unifying their forces.
Key Levels:
Resistance levels: $0.70, $0.76, $0.82
Support levels: $0.64, $0.49, $0.40
MATIC/USD Long-term Trend: Bullish
The outlook for MATIC/USD over the long run is favorable. Bears put greater pressure on prices than buyers after the $1.31 rejection. Price was under further bearish pressure when it reached the $0.82 support level. The sellers lost their power to negotiate a lower price and were unable to do so. When sellers’ pressure broke below $0.64 last two weeks, the price fell to $0.49 before rising again. The buyers pushed the price to test $0.70 last week. Currently, it is on ranging movement.
As MATIC is currently trading between both the 9- and 21-period exponential moving averages, buying is advised. Polygon must first surpass the $0.70 resistance level in order to cross the $0.76 and $0.82 resistance levels. The market may move past the $0.64 support level and be exposed to the $0.49 and $0.40 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Ranging
On a 4-hour time horizon, Polygon is on ranging movement. For more than five weeks, bears have controlled the MATIC market. On April 26, the price rise was halted at the $1.01 threshold. The price dropped more, getting closer to $0.87. At $0.82, the primary objective was accomplished, but it also successfully broke the level and tested $0.49. Following a challenge of the $0.49 support level, it has now retreated and is now fluctuating between $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 upward at level 49, signaling a buy.
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