bitcoinBTC/USD
$ 20,384.00
ethereumETH/USD
$ 1,148.31
tetherUSDT/USD
$ 0.999362
cardanoADA/USD
$ 0.458734
xrpXRP/USD
$ 0.326662
usd-coinUSDC/USD
$ 1.00

Polygon (MATIC/USD) Price: Can It Be a Pullback or Price Reversal?

 

  • 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

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

 

Also read:

Related News

Will KuCoin Token Reach $100 in 2022 – KuCoin Price Forecast

KuCoin is a popular cryptocurrency exchange because of its cheap fees and extensive range of features. The platform allows you to trade in futures and margin products, using a vast variety of tokens to pick from. The crypto exchange also has a native coin KuCoin Token (KCS). KuCoin’s numerous features, low costs, and wide range of cryptocurrencies make it a great choice for experienced cryptocurrency traders. But what about its

Read More »
Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

ETH Technical Analysis – May 2022 Ever since hitting an all-time high in November of 2021 at around $4,800, the price of Ethereum (ETH) has been in a downtrend. Initially, the price declined by around 26%, and ETH ended the year at $3,500. That bearish momentum continued in January as well, where ETH declined by almost 45% in January alone. However, ETH managed to find support at $2,160, which then

Read More »
Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

BTC Technical Analysis – May 2022 Ever since Bitcoin (BTC) reached its all-time high in November of 2021 at around $69,000, the price has been in a downtrend. The price initially declined by more than 30%. BTC ended the year at around $50,000.  In 2022, BTC maintained that similar approach, where the price declined by an additional 35% in the first few weeks of the year. After finding support at

Read More »

My Coins

bitcoinBitcoin
$ 20,384.001.18%
ethereumEthereum
$ 1,148.310.47%
cardanoCardano
$ 0.4587341.77%
tetherTether
$ 0.9993620.14%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org