Polygon may bounce up at $0.49
Polygon (MATICUSD) Price Analysis –28 August
Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.33 and $0.25 levels.
Key Levels:
Resistance levels: $0.56, $0.64, $0.70
Support levels: $0.49, $0.33, $0.25
MATIC/USD Long-term Trend: Bearish
The outlook for MATIC/USD over the long run is bearish. The double bottom chart pattern of the price action produced the desired outcome at $0.87. In other words, during the three-week price increase, sellers stepped in to stop purchasers from going above the $0.87 threshold. After the bullish momentum failed, the bears gained more sway and were able to push the price back down to its prior low. The funding level of $0.56 is being penetrated by Polygon at this time.
Given that MATIC is trading below both the 9- and 21-period exponential moving averages, selling is advised. Before attempting to cross the $0.64 and $0.70 resistance levels, Polygon must first overcome the $0.56 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.49 support level and be exposed to the $0.33 and $0.25 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is on a bearish movement on a 4-hour time horizon. Bulls took control of the Polygon market over the past three weeks as the double bottom chart pattern developed at the $0.56 support level and the price rose to $0.87. The bearish pressure grew as pressure grew against the $0.87 barrier level. As selling battled the bulls, the price fell and tested the $0.56 mark. At the moment, the price is facing $0.49 level.
The Polygon price is currently below the two EMAs. The 21-day EMA and the 9-period EMA are not far apart. The period 14 signal line for the relative strength index is pointing up at level 50, indicating a sell.
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