Polygon Price May Reduce to $0.70 Support Level

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Sellers Prevail Over Bulls in Polygon Market

Polygon (MATICUSD) Price Analysis – 19 December

A further increase in the bears’ momentum may place the price below the $0.76 level and the price will be exposed to the $0.70 and $0.65 levels. In case the buyers defend the support level of $0.76, Polygon will increase and may break up the resistance level of $0.89, which may also increase the price to $0.93 and $1.01 resistance levels.

Key Levels:

Resistance levels: $0.89, $0.93, $1.01

Support levels: $0.76, $0.70, $0.65

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is bearish on the Long-term outlook. The Polygon was on the ranging movement within $0.93 and $0.89 levels last week. Sellers gained more momentum and the price was pushed down to break the former support level of $0.89. The support level of $0.76 was tested on 16 December. It pulled back. Today, sellers dominate the market and the coin is retesting the support level of $0.76.

MATIC is trading below the 9-periods EMA and 21-periods EMA as evidence of a bearish market. The fast-moving average has crossed the slow-moving average downside. A further increase in the bears’ momentum may place the price below the $0.76 level and the price will be exposed to the $0.70 and $0.65 levels. In case the buyers defend the support level of $0.76, Polygon will increase and may break up the resistance level of $0.89, which may also increase the price to $0.93 and $1.01 resistance levels.

MATIC/USD Short-term Trend: Bearish

Polygon is bearish on the medium-term outlook. Last week, the price level of $0.93 holds and the coin could not penetrate it. The strength of the bears was weak last week and not enough to break it down. On 16 December, sellers gained more pressure to break down the just-mentioned level. At the moment, Polygon is trying to break down the support level of $0.76.

The Polygon price is trading below the two EMAs which indicates a bearish market. The 9-day EMA is below the 21-period EMA. The relative strength index period 14 is at 26 levels with the signal line displaying a bearish direction.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.