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Polygon (MATICUSD) Price May Decrease Further, the Bias on Tamadoge Is Upbeat

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The bears dominates Polygon market

Polygon (MATICUSD) Price Analysis – August 24

Further decrease in the Polygon price is highly envisaged provided the support level of $0.74 does not hold, $0.64 price level may be reached and penetrated to test the $0.47 level. In case the bulls defend the support level of $0.74, the price may reverse and continue a bullish trend to $0.90, $1.01 and $1.18 levels.

Key Levels:

Resistance levels: $0.90, $1.01, $1.18

Support levels: $0.74, $0.64, $0.47

 

MATIC/USD Long-term Trend: Bearish

MATIC/USD price is on the bearish trend on the Long-term outlook. The price action on the daily chart has formed a double top chart pattern. The bears are in control of the Polygon market many days before now. The bearish trend pushed down the price and tested support at $0.74. The price is pulling back at the moment. Polygon may descends towards $0.64 support level provided $0.74 level does not hold.

Polygon is trading below the 9 periods EMA and 21 periods EMA. Further decrease in the Polygon price is highly envisaged provided the support level of $0.74 does not hold, $0.64 price level may be reached and penetrated to test the $0.47 level. In case the bulls defend the support level of $0.74, the price may reverse and continue a bullish trend to $0.90, $1.01 and $1.18 levels.

MATIC/USD Short-term Trend: Bearish, the bias on Tamadoge is upbeat

Polygon is bearish on the medium-term outlook. The sellers were exerting more pressure on the MATIC/USD. The price declines and reaches the support level at $0.74 level. The price tested the support level of $0.74 on August 20. The level holds and the bears could not push the price below the mentioned level. The price pulls back towards $0.90 level.

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The 9-day EMA is above the 21 periods EMA and the Polygon price is trading between the two EMAs at close distance between them which indicates a low momentum. However, the relative strength index period 14 is at 47 levels with the signal line pointing up to connote buy signal.

Tamadoge sold for 1 USDT to 100 TAMA (1 TAMA = 0.01) in the first phase, in which a beta sale of 200 million tokens were made available to the public. Since then there have been successive sale tranches of 100 million tokens. Half of the tokens on offer in the presale have now been sold. In total 1 billion TAMA tokens are up for sale, with the price rising on each occasion. TAMA has a total supply of 2 billion, so early bird buyers in the presale are able to purchase a generous 50% of supply. Tranche prices will keep rising until the price reaches $0.03, equivalent to 3 times the initial beta sale price. The next price to beat is in the sixth phase when 1 USDT buys 44.44 TAMA.

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