Bullish trend may continue in Polygon Market
Polygon (MATICUSD) Price Analysis – 10 April
Polygon might break the $1.01 support level, which would push the price down to the $0.94 and $0.87 support levels. If buyers are successful in putting together more force, the price can move past the $1.12 resistance level and be exposed to the $1.20 and $1.31 levels
Key Levels:
Resistance levels: $1.12, $1.20, $1.31
Support levels: $1.01, $0.94, $0.87
MATIC/USD Long-term Trend: Ranging
MATIC/USD is ranging in the long-term outlook. A high of $1.54 was reached before cryptocurrency prices started to decline. As more bearish pressure grows, sellers apply more pressure. On March 10, it crossed above the previous support levels of $1.42 and $1.31 and established support at $0.94. The price pulled back and retested the $1.20 and $1.12 barrier levels. At this time, it is consolidating around the $1.12 level.
MATIC is currently trading just around both the 9- and 21-period exponential moving averages, indicating a ranging movement. Polygon might break the $1.01 support level, which would push the price down to the $0.94 and $0.87 support levels. If buyers are successful in putting together more force, the price can move past the $1.12 resistance level and be exposed to the $1.20 and $1.31 levels.
MATIC/USD Short-term Trend: Ranging
Polygon is on the ranging movement in 4-hour time-frame. Last three weeks, bears were in charge of the MATIC market. On March 13, at the $1.20 resistance level, the price increase was denied. Additional negative pressure pushed the price downward toward the $1.01 barrier level. The earlier goal of breaking through the $1.01 barrier was achieved. At the now, the MATIC market fluctuates between $1.12 and $1.01 levels.
Currently, Polygon’s price is circling the two EMAs. The 9-period EMA and the 21-day EMA are linked. The relative strength index’s signal line for period 14 is trending up at 56 levels.
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