Polygon Price May Rebound at $0.49 Support Level

Bulls are trying to defend $0.49 level

Polygon (MATICUSD) Price Analysis – 18 September

Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 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 $0.33 and $0.27 levels.

Key Levels:

Resistance levels: $0.56, $0.64, $0.70

Support levels: $0.49, $0.33, $0.27

MATIC/USD Long-term Trend: Bearish

Over the long term, MATIC/USD has an unfavorable outlook. The price is currently approaching the previous low from June. The price rose to a high of the $0.87 barrier level due to the upward momentum, at which point the bearish trend began. Despite purchasers’ attempts to compete with sellers throughout the previous three weeks at the $0.56 level, the price has dropped even more. From the $0.49 level this week, Polygon might move to the north.

Since MATIC is currently trading below both the 9- and 21-period exponential moving averages, selling is suggested. Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 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 $0.33 and $0.27 levels.

MATIC/USD Short-term Trend: Bearish

Polygon is trending downward on a 4-hour time horizon. The price action is attempting to create a double bottom chart pattern on the 4-hour time frame at $0.49. It appears that retailers are having difficulty raising the price to $0.49. As selling competed against the bulls, the price may decline and test the $0.49 level. The price is now being lowered by the sellers.

At the moment, Polygon’s price is trading slightly above the two EMAs. The 9-period EMA is crossing downward the 21-day EMA. The relative strength index’s period 14 signal line is pointing higher at level 51, signaling a buy.

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