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

  • MATIC/USD is on the ranging movement
  • MATIC/USD may break up resistance level of $1.23
  • Buyers may take over soon

MATIC/USD may breakout at the resistance level of $1.23 and this may increase the price to $1.87, it may further test the $2.21 level.

Polygon Key Levels:

Resistance levels: $1.23, $1.87, $2.21

Support levels: $0.89, $0.31, $0.23

MATCUSD daily chart, August 11

MATIC/USD Long-term Trend: Ranging

The bullish engulfing candle formed on July 21 triggered MATIC/USD price to rise above the $0.89 resistance level. It increases slowly towards the resistance level of $1.23. When the coin tested the resistance level of $1.23, the barrier at the level withstand the pressure of the bulls and the price is ranging within the $1.23 and $0.89 levels.

The 9 periods EMA has penetrated the 21 periods EMA, the price is trading above the two EMAs which is an indication that the coin is under the control of the bulls. MATIC/USD may breakout at the resistance level of $1.23 and this may increase the price to $1.87, it may further test $2.21 level. Also, the relative strength index period 14 is at 60 level with the signal line pointing toward north, indicating buy signal.

MATIUSD 4 hours chart, August 11

MATIC/USD Short-term Trend: Ranging

The resistance levels of $1.23 and the support level of $0.89 holds. This is exactly what make the coin continues on the ranging movement within $1.23 and $0.89 levels on the medium-term. The sellers are yet to get enough pressure to break down the support level at $0.89. The same way, the buyers have no pressure to break up the resistance level of $1.23.

The 9-day EMA remains interlocked with the 21 periods EMA and the Polygon price is hovering over the two EMAs which indicates a ranging movement. Nevertheless, the relative strength index period 14 is at 60 levels with the signal line indicating buy signal.

Also read: Bitcoin Price Prediction: BTC/USD Market Weakens at $40,000

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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