Polygon Price May Retest Previous Low at $0.64 Level

Bears are dominating Polygon market

Polygon (MATICUSD) Price Analysis – 24 July

Polygon must first get through the $0.76 resistance level before attempting to cross the $0.82 and $0.87 resistance levels. The market may move past the $0.70 support level and be exposed to the $0.64 and $0.56 levels if sellers are successful in unifying their forces.

Key Levels:

Resistance levels: $0.76, $0.82, $0.87
Support levels: $0.70, $0.64, $0.56

MATIC/USD Long-term Trend: Bearish

The outlook for MATIC/USD over the long run is bearish. The target of the price action, the double bottom chart pattern was achieved. In other words, the price reached the resistance level of $0.87 last week. The bullish momentum failed and the bears gained more power to drive the price down towards the previous low. Polygon is heading toward $0.70 support level at the moment.

MATIC is trading below both the 9- and 21-period exponential moving averages at close range, selling is advised. Polygon must first get through the $0.76 resistance level before attempting to cross the $0.82 and $0.87 resistance levels. The market may move past the $0.70 support level and be exposed to the $0.64 and $0.56 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. When the double bottom chart pattern appeared at the support level of $0.56, bulls took control of the Polygon market. The resistance level of $0.87 was tested as the price rose. For the past two weeks, that was our goal. The price declined and is currently attempting to fall below the $0.70 support level.

The price of Polygon is trading below the two EMAs. The 9-period EMA has crossed the 21-day EMA downside. The relative strength index’s period 14 signal line is pointing downward at level 32, signaling a sell.

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