Polygon Price Rebounds as Buyers Defend $0.49 Level

Buyers’ momentum is increasing

Polygon (MATICUSD) Price Analysis – 23 October

Polygon has to overcome the $0.64 resistance level before attempting to cross the $0.70 and $0.76 resistance levels. The market may advance past the $0.59 support level and expose itself to the $0.49 and $0.33 levels if sellers are able to organize their forces.

Key Levels:

Resistance levels: $0.64, $0.70, $0.76

Support levels: $0.59, $0.49, $0.33

MATIC/USD Long-term Trend: Bullish

The long-term forecast on MATIC/USD is positive. The cryptocurrency eventually found support at the $0.49 level after breaking down barrier levels such as the $0.70 and $0.64 levels. It engaged in ranging movement within $0.49 and $0.59 levels for more than two weeks.  The bearish trend began to wane as the price dropped to a low of the $0.49 barrier level due to the downward momentum. The support level of $0.49 was rejected and further decreased as buyers defended it. MATIC is now increasing towards $0.64 levels.

Currently, MATIC trades above 9 and 21-period exponential moving averages. Polygon has to overcome the $0.64 resistance level before attempting to cross the $0.70 and $0.76 resistance levels. The market may advance past the $0.59 support level and expose itself to the $0.49 and $0.33 levels if sellers are able to organize their forces.

MATIC/USD Short-term Trend: Bullish

A polygon’s 4-hour inclination is shown. On the 4-hour time frame, the price action has constructed a double bottom chart pattern at $0.49 from the previous week. Retailers don’t seem to be able to lower the price below $0.49. The price increases and approaches the $0.64 threshold due to buyers’ pressure. The price is currently inclining since buyers are at odds with sellers at the previously indicated level.

The price of Polygon is currently above the two EMAs. The 21-day EMA is being crossed by the downward 9-period EMA upward. At level 85, the period 14 signal line of the relative strength index is pointing upward, indicating a buy.

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