Polygon Price May Rebound at $0.49 Support Level

Buyers are dominating Polygon market soon

Polygon (MATICUSD) Price Analysis – 02 October

Before attempting to cross the $0.70 and $0.76 resistance levels, Polygon must first overcome the $0.64 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.56 support level and be exposed to the $0.49 and $0.33 levels.

Key Levels:

Resistance levels: $0.64, $0.70, $0.76

Support levels: $0.56, $0.49, $0.33

MATIC/USD Long-term Trend: Bullish

Long-term prospects for MATIC/USD are optimistic. The current price is bouncing up from the previous low of June at $0.49 level. The price dropped to a low of the $0.49 barrier level as a result of the declining momentum, and at that point, the bearish trend began to weaken. Despite sellers’ attempts to outbid buyers during the preceding week, the price is increasing. This week, Polygon might increase its price from its current $0.56 level.

MATIC is currently trading above both the exponential moving averages of 9 and 21 periods. Before attempting to cross the $0.70 and $0.76 resistance levels, Polygon must first overcome the $0.64 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.56 support level and be exposed to the $0.49 and $0.33 levels.

MATIC/USD Short-term Trend: Bullish

A 4-hour time span reveals a Polygon incline. 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 pushing the price below $0.49. Due to buying pressure against the sellers, the price may increase and test the $0.56 level. Buyers are currently pushing up the price.

Right now, the price of Polygon is barely above the two EMAs. The 9-period EMA is crossing above the 21-day EMA. The relative strength index’s period 14 signal line is trending upward at level 73, signaling a buy.

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