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Sellers defend $0.56 resistance level
Polygon (MATICUSD) Price Analysis – 09 October
Polygon must first get beyond 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 $0.23 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, $0.23
MATIC/USD Long-term Trend: Bearish
The long-term outlook for MATIC/USD is bearish. Last week, Polygon was rising after hitting a low of June at $0.49. The downward momentum caused the price to fall to a low of the $0.49 barrier level, and at that point the bearish trend started to wane. The price was increasing despite sellers’ efforts to outbid buyers during the previous week. Polygon’s price retested the resistance level of $0.56 but sellers seems defending the just mentioned level. It is currently heading towards $0.49.
MATIC is trading between exponential moving averages of 9 and 21 periods at the moment. Polygon must first get beyond 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 $0.23 levels if sellers are successful in unifying their forces.
MATIC/USD Short-term Trend: Bullish
A Polygon declination is shown over a 4-hour period. On the 4-hour time frame, at $0.49, the price action is attempting to form a double bottom chart pattern last week. Retailers don’t seem to be able to lower the price below $0.49. The price increased and tested the $0.56 level as a result of purchasing pressure exerted on the sellers. The sellers oppose the buyers at just mentioned level and the price is currently falling due to sellers’ pressure.
The price of Polygon is currently just barely below the two EMAs. The 21-day EMA is being crossed over by the 9-period EMA downside. The period 14 signal line for the relative strength index is heading downward at level 33, indicating a sell.
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