Sellers’ pressure increases in Polygon market
Polygon (MATICUSD) Price Analysis – 05 February
Before surpassing the resistance levels of $0.94 and $1.03, Polygon needs to overcome the $0.86 barrier. If sellers gain some traction, the market can break through the $0.72 support level and expose itself to the $0.65 and $0.59 levels.
Key Levels:
Resistance levels: $0.86, $0.94, $1.03
Support levels: $0.72, $0.65, $0.59
MATIC/USD Long-term Trend: Bearish
MATIC/USD long-term outlook is bleak. The price of cryptocurrencies has been falling for the last four weeks due to sellers’ momentum. This occurred after the altercation with the opponent, at $1.09. Before the most recent two-week positive trend, the price was rejected at the $1.09 level. The market was kept from rising higher by sellers. Bears guarded the level that was previously mentioned. It tried the support level of $0.72 and bounced back when it broke through the previous support levels of $0.94 and $0.86. The crypto signal that the price is currently retreating near the previous low at the $0.72 mark.
When MATIC is trading below the Hull Suite indicator, the market is in the hands of bears. Before surpassing the resistance levels of $0.94 and $1.03, Polygon needs to overcome the $0.86 barrier. If sellers gain some traction, the market can break through the $0.72 support level and expose itself to the $0.65 and $0.59 levels.
MATIC/USD Short-term Trend: Bearish
A polygon’s 4-hour declination is shown. A minor double bottom chart pattern was created by the price action on the 4-hour time frame at the $0.72 level from the previous week. It seems that the price cannot be lowered by the sellers to less than $0.72. It repelled at $0.72, moving in the direction of the $0.86 resistance level. Last week, MATIC price was opposed by sellers and it is currently aiming for the previous low mark.
Given that Polygon is currently less expensive than Hull Suite, it is likely that prices will fall. Since the QQE MOD indicator is below zero, there might be more chances to sell.
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