Bullish reversal envisaged at $0.49 zone
Polygon (MATICUSD) Price Analysis – 11 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 over the long run is bearish. The current price is moving closer to the prior low from June. The positive momentum increased the price to the high of the $0.87 resistance level, at which point the bearish trend started. Polygon has decreased even further despite buyers’ attempts to fight the sellers during the past three weeks at the $0.56 level. This week, Polygon might turn toward the north from $0.49 level.
Selling is advised since 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
Polygon is on a bearish movement on a 4-hour time horizon. At the $0.49 area, the price action on the 4-hour time frame is attempting to construct a double bottom chart pattern. It appears that dealers are finding it difficult to raise the price to $0.49. As sellers fought against the bulls, the price may decline and test the $0.49 level. Right now, sellers are making an effort to push prices lower.
A little below the two EMAs, Polygon’s price is now trading. The 21-day EMA is being crossed downside by the 9-period EMA. The period 14 signal line for the relative strength index is pointing lower at level 21, indicating a sell.
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