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Polygon (MATIC/USD) Price Breaks Up $1.23 Level, $1.87 May Be Reached

  • Bulls’ momentum increases in Polygon market
  • A bullish breakout at $1.23 price level
  • MATIC/USD is pulling back at $1.48

The support level of $0.89 can be reached provided $1.23 level does not hold, further bearish extension can reduce price to $0.31 level. Resistance levels above current price can be found at $1.48, $1.87 and $2.21.

Polygon Key Levels:

Resistance levels: $1.48, $1.87, $2.21

Support levels: $1.23, $0.89, $0.31

MATIC/USD daily chart, !3 August

MATIC/USD Long-term Trend: Bullish

MATIC/USD was on the ranging movement within the resistance level of $1.23 and support level of $0.89 last week. A strong daily bullish candle emerged on 11 August and this broke up the resistance level of $1.23. The price increased and tested the resistance level of $1.48. In other words, Polygon is bullish on the daily chart.

At the moment, the price is pulling back to retest the support level of $1.23. The price has crossed 9 periods EMA and the 21 periods EMA upside. The price is trading above the two EMAs as an indication of bullish trend. The support level of $0.89 can be reached provided $1.23 level does not hold, further bearish extension can reduce price to $0.31 level. Resistance levels above current price can be found at $1.48, $1.87 and $2.21. The relative strength index period 14 is at 60 level pointing down to indicate sell signal.

MATIC/USD 4 hour chart, 13 August

MATIC/USD Short-term Trend: Ranging

Polygon is carrying out a price retracement after it broke up the resistance level of $1.23. The former resistance level of $1.23 could not hold the price when the bulls gained more pressure. The price increases and tested $1.48 level. It may resume bullish trend when the support level of $1.23 holds.

The 9-day EMA is separates from the 21 periods EMA and the Polygon price is trading between the two EMAs which indicates a price retracement. However, the relative strength index period 14 is below 60 levels with the signal line displaying bearish direction.

Also read: Polygon (MATIC/USD) Price May Break Out at $1.23 Level

Note: Crypto-academy.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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