Polygon Price May Reduce to $1.12 Level Provided Bears’ Pressure Increase Further

Bears may take over Polygon Market

Polygon (MATICUSD) Price Analysis – 13 February

Polygon can move past the $1.31 resistance level when the bulls’ momentum picks up, even more, oomph,  and be exposed to the $1.40 and $1.49 levels. Polygon may decrease and breach the $1.19 support level, which would drive the price down to the $1.12 and $1.01 support levels if sellers are successful in deterring buyers at the $1.31 resistance level.

Key Levels:

Resistance levels: $1.31, $1.40, $1.49

Support levels: $1.19, $1.12, $1.01

MATIC/USD Long-term Trend: Bullish

MATIC/USD is bullish in the long-term outlook. The ascent of MATICUSD is still being propelled by the triple bottom chart pattern created at the support level of $0.76 on January 2. The buyers still rule the MATIC market. The currency was under buyers’ pressure to move northward. As buyers became more powerful, the price broke through the $1.12 and $1.19 resistance levels. On February 4th, the resistance level of $1.31 was tested. At the moment, Monero is pulling back to retest the $1.19 level.

At close range, MATIC continues to trade above both the 9- and 21-period exponential moving averages, confirming the price’s retracement. The upside of the rapid-moving average is greater than the slow-moving average. When the bulls’ momentum picks up, even more, oomph, the price can move past the $1.31 resistance level and be exposed to the $1.40 and $1.49 levels. Polygon may decrease and breach the $1.19 support level, which would drive the price down to the $1.12 and $1.01 support levels if sellers are successful in deterring buyers at the $1.31 resistance level.

MATIC/USD Short-term Trend: Bearish

Polygon is on the bearish movement in 4-hour time-frame. The bulls triumphed over the bears, ending the brief range movement that occurred during the previous three weeks between the $1.01 and $0.94 levels. Last week, the price broke through the $1.31 barrier but the sellers opposed the increase and it is declining to try to break down the $1.19 level.

The price appears to be progressively falling as the bullish momentum appears to have run its course. The Polygon price is trading below the two EMAs as a sign of a bearish market. The 9-day EMA is crossing the 21-period EMA downside. The signal line on the relative strength index period 14 shows a bearish direction at 41 levels.

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