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Buyers are defending $0.49 support level
Polygon (MATICUSD) Price Analysis – 16 October
Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first get past the $0.59 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 $0.23 levels.
Key Levels:
Resistance levels: $0.59, $0.64, $0.70
Support levels: $0.49, $0.33, $0.23
MATIC/USD Long-term Trend: Bearish
For MATIC/USD, the long-term forecast is negative. After peaking to $0.87 in July, Polygon was falling few weeks ago. The bullish trend began to wane as the price dropped to a low of the $0.49 barrier level due to the downward momentum. Despite buyers’ attempts to outbid sellers the week before, the price kept fallen. The support level of $0.49 was retested by Polygon’s price, but buyers appear to be defending it. It is now moving in the direction of $0.59.
Currently, MATIC trades between 9 and 21-period exponential moving averages. Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first get past the $0.59 resistance level. If sellers successfully unify their forces, the market may move past the $0.49 support level and be exposed to the $0.33 and $0.23 levels.
MATIC/USD Short-term Trend: Bullish
A 4-hour declination of a polygon is displayed. The price action is attempting to build a double bottom chart pattern on the 4-hour time frame at $0.49 from last week. It appears that retailers are unable to reduce the price below $0.49. The pressure from buyers on the sellers caused the price to rise and face the $0.59 mark. At the aforementioned level, the buyers are in opposition to the sellers, and the price is now inclining as a result.
At the moment, the price of Polygon is just barely above the two EMAs. The downward 9-period EMA is crossing the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 62, signaling a buy.
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