- Sellers interrupt bullish movement
- Sellers’ momentum increases
- MATIC/USD may test the $1.23 level
Further increase in the bears’ pressure may push the price below the support level of $1.23 which may decrease to the support levels of $0.89 and $0.31. Inability to break down the support level of $1.23 may lead to a price increase towards the $1.50, $1.87, and $2.21 levels.
Polygon Key Levels:
Resistance levels: $1.50, $1.87, $2.21
Support levels: $1.23, $0.89, $0.31
MATIC/USD Long-term Trend: Bearish
MATIC/USD is bearish on the daily chart. The coin was bullish last two weeks. The resistance levels of $1.23 and $1.50 was broken up. On August 23, an evening star candle pattern formed and the price obeyed this bearish chart pattern. The price is declining to retest the support level at $1.23. Further price decrease envisaged provided the bears exert more pressure.
Polygon is trading below the 9 periods EMA and 21 periods EMA. This is an indication of bearish movement. Further increase in the bears’ pressure may push the price below the support level of $1.23 which may decrease to the support levels of $0.89 and $0.31. Inability to break down the support level of $1.23 may lead to price increase towards the $1.50, $1.87 and $2.21 levels. The relative strength index period 14 is below 60 level pointing down to indicate sell signal.
MATIC/USD Short-term Trend: Bearish
Polygon is on the bearish movement on 4 hour chart. Immediately after the breakout from the ranging movement that took place last two weeks in the POLYGON market, the price increased towards the resistance level at $1.87. The mentioned resistance level could not be reached before it was interrupted by the bears. The price is declining currently towards the support level of $1.23.
As an indication of bearish movement, 9-day EMA is crossing below the 21 periods EMA. The Polygon price is trading below the two EMAs which indicates an increase in the bears’ momentum. The relative strength index period 14 is at 40 levels with the signal line pointing up to indicate buy signal which may be a pullback.
Also read: Polygon (MATIC/USD) Price May Break Out at $1.23 Level
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