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Sellers may defend $0.64 resistance level
Polygon (MATICUSD) Price Analysis – 30 October
Before attempting to cross the resistance levels of $0.70 and $0.76, Polygon must first overcome the $0.64 level. If sellers can gather momentum, the market can break over the $0.59 support level and expose itself to the $0.49 and $0.33 levels.
Key Levels:
Resistance levels: $0.64, $0.70, $0.76
Support levels: $0.59, $0.49, $0.33
MATIC/USD Long-term Trend: Bullish
Regarding MATIC/USD, the long-term prediction is favorable. Cryptocurrency found support at the $0.49 level. For over two weeks, it fluctuated between the $0.49 and $0.59 levels. The downward momentum caused the price to plummet to a low of the $0.49 barrier level, at which point the bearish trend started to fade. As purchasers protect it, the support level of $0.49 denied a further decline. MATIC is currently rising in the direction of $0.64.
Currently, MATIC is trading above exponential moving averages with periods of 9 above 21. Before attempting to cross the resistance levels of $0.70 and $0.76, Polygon must first overcome the $0.64 level. If sellers can gather momentum, the market can break over the $0.59 support level and expose itself to the $0.49 and $0.33 levels.
MATIC/USD Short-term Trend: Bullish
The 4-hour inclination of a polygon is displayed. The price action has created a double bottom chart pattern at $0.49 from the prior week on the 4-hour time frame. It appears that retailers are unable to reduce the price below $0.49. The demand from purchasers is causing the price to rise and get closer to the $0.64 mark. Because sellers and buyers are at odds at the previously mentioned level, the price is currently inclining.
At the moment, Polygon’s price is above both EMAs. The downhill 9-period EMA is crossing the upward 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 54, suggesting a buy.
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