- 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 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 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
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