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Polygon (MATICUSD) Price Analysis – September 19
When the support level of $0.74 is penetrated downside, the support level at $0.64 price level may be reached and may extend to the $0.55 level. Should the bulls defend the support level of $0.74, the price may reverse and continue a bullish trend to $0.91, $1.01 and $1.18 levels.
Key Levels:
Resistance levels: $0.91, $1.01, $1.18
Support levels: $0.74, $0.64, $0.55,
MATIC/USD Long-term Trend: Bullish
On the Long-term outlook, MATIC/USD price is on the bearish trend. After the testing of the high $1.01 resistance level, the price pulled back. The just mentioned level is our last week target when the head and shoulder pattern emerged. The sellers opened the market today which indicate that price may break down the support level of $0.74.
Polygon remains below the 9 periods EMA and 21 periods EMA. After pullback, further decrease in the Polygon price is highly envisaged. When the support level of $0.74 is penetrated downside, the support level at $0.64 price level may be reached and may extend to the $0.55 level. Should the bulls defend the support level of $0.74, the price may reverse and continue a bullish trend to $0.91, $1.01 and $1.18 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is bearish on the medium-term outlook. The price action formed a double top chart pattern at the resistance level of $1.01 resistance level. On August 17, the price pulled back after tested the resistance level of $1.01. The price broke down the support level of $0.90 and the support level of $0.74 is tested. At the moment, the price is struggling to break down the $0.74 level.
The 9-day EMA is below the 21 periods EMA and the Polygon price is trading below the two EMAs. The relative strength index period 14 is at 35 levels with the signal line pointing up to connote buy signal which may be a pullback.
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