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Bulls may dominate Polygon market soon
Polygon (MATICUSD) Price Analysis – 25 September
Polygon must first get through the $0.56 resistance level before attempting to cross the $0.64 and $0.70 resistance levels. The market may move past the $0.49 support level and be exposed to the $0.33 and $0.27 levels if sellers are successful in unifying their forces.
Key Levels:
Resistance levels: $0.56, $0.64, $0.70
Support levels: $0.49, $0.33, $0.27
MATIC/USD Long-term Trend: Bearish
The outlook for MATIC/USD is bearish in the long run. The present price is getting close to the prior low from June. Due to the falling momentum, the price decreased to a low of the $0.49 barrier level, at which point the bearish trend started to wane. Despite buyers’ efforts to outbid sellers over the course of the previous week, the price is fallen even further. This week, Polygon may move from its $0.49 price point to the north.
MATIC is currently trading below both the 9- and 21-period exponential moving averages. Polygon must first get through the $0.56 resistance level before attempting to cross the $0.64 and $0.70 resistance levels. The market may move past the $0.49 support level and be exposed to the $0.33 and $0.27 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Bearish
A 4-hour time window shows a declining trend for Polygon. On the 4-hour time frame, at $0.49, the price action is attempting to form a double bottom chart pattern. Retailers seem to be having trouble increasing the price to $0.49. The price may drop and test the $0.49 level as selling competes with the bulls. The vendors are now reducing the price.
The price of Polygon is currently hovering just below the two EMAs. The 21-day EMA is being crossed downward by the 9-period EMA. The period 14 signal line for the relative strength index is pointing up at level 33, indicating a buy.
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