Bulls’ Momentum may be restored
Polygon (MATICUSD) Price Analysis – 20 November
Polygon needs to clear the $0.87 barrier before attempting to breach the resistance levels of $0.94 and $0.98. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers find some momentum.
Key Levels:
Resistance levels: $0.87, $0.94, $0.98
Support levels: $0.76, $0.70, $0.64
MATIC/USD Long-term Trend: Bullish
For MATIC/USD, the outlook is good in the long run. At $0.49, cryptocurrency found support. The price fluctuated between $0.49 and $0.59 for around two weeks. The price fell to a low of the $0.49 barrier level due to the negative momentum, and then the downward trend began to reverse. Buyers stopped the market from falling any lower. The $0.70 and $0.76 levels were broken up by MATIC. Last week, it tested $0.98 and pulled back. Right now, it is up against the $0.87 resistance level.
When MATIC trading above exponential moving averages and 9-EMA periods are above 21-EMA, bulls are in control of the market. Polygon needs to clear the $0.87 barrier before attempting to breach the resistance levels of $0.94 and $0.98. The market may breach the $0.76 support level and expose itself to the $0.70 and $0.64 levels if sellers find some momentum.
MATIC/USD Short-term Trend: Bullish
A polygon’s 4-hour inclination is shown. At $0.49 from the previous week, the price action on the 4-hour time frame produced a double bottom chart pattern. Retailers don’t seem to be able to lower the price below $0.49. The price is rising due to buyers’ demand and tested $0.97 level. The price retraced and tested the support level of $0.76. It is currently inclining towards $0.87 level.
Polygon’s price is currently above both EMAs. The 9-day EMA is rising while the 21-period EMA is falling. At level 50, the period 14 signal line of the relative strength index is neutral, indicating an indecision moment.
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