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Polygon (MATICUSD) Price Analysis – 27 November
For Polygon to break beyond the resistance levels of $0.87 and $0.94, it must first overcome the $0.76 barrier. If sellers gain some traction, the market can break through the $0.70 support level and expose itself to the $0.64 and $0.59 levels.
Key Levels:
Resistance levels: $0.76, $0.87, $0.94
Support levels: $0.70, $0.64, $0.59
MATIC/USD Long-term Trend: Bearish
In the long run, the forecast for MATIC/USD is bearish. Cryptocurrency was under the buyers’ pressure last two weeks. This happened after it found support at $0.49. The positive momentum caused the price to rise to a high of the $0.97 barrier level before the declining trend started last week. The market was prevented from inclining further by sellers. MATIC split apart the $0.87 and $0.76 levels. It retreated after testing $0.70 last week. It is currently down against the support level of $0.70.
Bears are in charge of the market when MATIC trading is below exponential moving averages and 9-EMA periods are below 21-EMA. For Polygon to break beyond the resistance levels of $0.87 and $0.94, it must first overcome the $0.76 barrier. If sellers gain some traction, the market can break through the $0.70 support level and expose itself to the $0.64 and $0.59 levels.
MATIC/USD Short-term Trend: Bearish
The 4-hour declination of a polygon is displayed. The price action on the 4-hour time frame resulted in a double top chart pattern at $0.94 from the previous week. It appears that purchasers are unable to increase the price above $0.94. Due to sellers’ demand, the price is decreasing and has challenged the $0.7 6 mark. The $0.76 support level is tested. Right now, it is leaning toward the $0.70 mark.
Polygon’s price is currently below both EMAs. The 9-day EMA is crossing the 21-period EMA downside. At level 38, the period 14 signal line of the relative strength index is bearish, indicating a sell moment.
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