Polygon Price Ranging Within $0.87 and $0.76 Support Levels

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Low volatility in Polygon Market

Polygon (MATICUSD) Price Analysis – 26 December

The price may drop below the $0.76 level and be exposed to the $0.70 and $0.65 levels if the bears’ momentum increases further. In the event that buyers hold onto the $0.76 support level, Polygon will rise and may breach the $0.89 resistance level, which could push the price up to the $0.93 and $1.01 resistance levels.

Key Levels:

Resistance levels: $0.87, $0.93, $1.01

Support levels: $0.76, $0.70, $0.65

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is bearish on the Long-term outlook. The long-term outlook is unfavorable for MATIC/USD pricing. Last two weeks, the Polygon fluctuated between $0.93 and $0.89 levels. The price was forced down to breach the last support level of $0.87 as sellers gained additional traction. On December 16th, the $0.76 support level was tested. It retreated. The market is being dominated by sellers, and the coin is testing the $0.76 support level once more. At the moment, Polygon market is experiencing low volatility.

As evidence of a bearish market, MATIC is trading below both the 9- and 21-period exponential moving averages at close contact. The fast-moving average has crossed the slow-moving average downside. The price may drop below the $0.76 level and be exposed to the $0.70 and $0.65 levels if the bears’ momentum increases further. In the event that buyers hold onto the $0.76 support level, Polygon will rise and may breach the $0.89 resistance level, which could push the price up to the $0.93 and $1.01 resistance levels.

MATIC/USD Short-term Trend: Ranging

In the medium run, Polygon is on the ranging movement. The $0.93 price level was maintained a few weeks ago, and the coin was unable to cross it. On December 16, sellers applied extra force to lower the price below the $0.87 support level. Last week, the bears’ power was insufficient to push it below the $0.76 level. Polygon is now ranging within the $0.89 and $0.76 levels.

A neutral market is indicated by the Polygon prices trading over and around the two EMAs. The 21-period EMA is interlocked with the 9-day EMA. The signal line on the relative strength index period 14 is not displaying a specific direction at 53 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.