Polygon Price: Will There Be a Bullish Reversal at $0.64 Support Level

Sellers’ pressure may fail at $0.64 level

Polygon (MATICUSD) Price Analysis –14 August

Before attempting to cross the $0.76 and $0.82 resistance levels, Polygon must first overcome the $0.70 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels.

Key Levels:

Resistance levels: $0.70, $0.76, $0.82

Support levels: $0.64, $0.56, $0.49

MATIC/USD Long-term Trend: Bearish

The outlook for MATIC/USD over the long run is bearish. The double bottom chart pattern of the price action produced the desired outcome at $0.87. In other words, during last two weeks’ price increase, sellers stepped in to block purchasers from breaking through the $0.82 barrier level. When the bullish momentum failed, the bears had more sway and were able to push the price down to its prior low. The current direction of Polygon is testing the $0.64 support level.

Given that MATIC is trading below both the 9- and 21-period exponential moving averages, selling is advised. Before attempting to cross the $0.76 and $0.82 resistance levels, Polygon must first overcome the $0.70 resistance level. If sellers are successful in uniting their forces, the market may move past the $0.64 support level and be exposed to the $0.56 and $0.49 levels.

MATIC/USD Short-term Trend: Bearish

Polygon is on a bearish movement on a 4-hour time horizon. Bulls took control of the Polygon market as the double bottom chart pattern started to form near the $0.56 support level three weeks ago. As the price increased, pressure built up against the $0.87 resistance level. Sellers opposed the bulls and the price declined and tested $0.67 level. Buyers are now trying to oppose sellers defending the just-mentioned level.

The price of Polygon is trading around the two EMAs. The 9-period EMA interlocked with the 21-day EMA. The relative strength index’s period 14 signal line is pointing upward at level 48, signaling a buy.

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