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Polygon may decrease to $0.65 level
Polygon (MATICUSD) Price Analysis – 09 January
Before Polygon can transcend the resistance levels of $0.94 and $1.03, it must first break through the $0.86 barrier. If sellers gain some traction, the market can break through the $0.72 support level and expose itself to the $0.65 and $0.59 levels.
Key Levels:
Resistance levels: $0.86, $0.94, $1.03
Support levels: $0.72, $0.65, $0.59
MATIC/USD Long-term Trend: Bearish
The long-term outlook for MATIC/USD is dire. Sellers have been applying pressure to cryptocurrency prices for the past two weeks. This happened after the conflict with the opposition at $1.09. The price approached the $1.09 barrier level before the start of the previous week’s bearish trend. The market was prevented from rising any higher by sellers. Bears guarded the level that was previously mentioned. The price dropped when it was tested at the indicated amount. It is currently trading below the barrier level of $0.86.
Bears control the market when MATIC is trading below Hull Suite indicator. Before Polygon can transcend the resistance levels of $0.94 and $1.03, it must first break through the $0.86 barrier. If sellers gain some traction, the market can break through the $0.72 support level and expose itself to the $0.65 and $0.59 levels.
MATIC/USD Short-term Trend: Bearish
A polygon’s 4-hour declination is shown. At $1.09 from the prior week, the price activity on the 4-hour time frame produced a small double top chart pattern. Buyers don’t seem to be able to raise the price above $1.09. It dropped and tested the support level at $0.72. A retest of the dynamic resistance level is presently underway.
Polygon’s price is currently below Hull Suite as an indication of a bearish trend. The QQE MOD indicator is below zero level, indicating a further possible selling opportunity.
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