Polygon Price May Retest Previous Low Level at $0.72
Login

Polygon Price May Retest Previous Low Level at $0.72

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

Polygon Price May Retest Previous Low Level at <img fetchpriority=.72" width="580" height="262" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/02/Daily-8-1024x463.png"/>

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.

Polygon Price May Retest Previous Low Level at <img decoding=.72" width="580" height="262" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/02/4-hours-11-1024x463.png"/>

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.

You can purchase Lucky Block here.  Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News