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Polygon is testing the $0.79 support level
Polygon (MATICUSD) Price Analysis – 21 November
In case the bears exert more pressure, the support level of $0.79 may be penetrated downside, and MATIC price may decrease to the support level of $0.70, and $0.64. When the buyers defend the support level of $0.79, Polygon will break up the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels.
Key Levels:
Resistance levels: $0.87, $0.98, $1.01
Support levels: $0.79, $0.70, $0.64
MATIC/USD Long-term Trend: Bearish
MATIC/USD price is bearish, on the Long-term outlook. Three weeks ago, MATIC was obeying the command from the buyers, meaning that the coin was bullish. The bullish movement placed the crypto at the resistance level of $1.31. The bears interrupted the bulls at the same level with the formation of a bearish engulfing candle. The price decreased and tested the support level of $0.76 on November 09. The price pulled back to retest the $1.12 resistance level. Correctly, the price is decreasing to retest the low of last week.
Polygon is trading below the 9 periods EMA and 21 periods EMA as fast moving average has crossed the slow-moving average. In case the bears exert more pressure, the support level of $0.79 may be penetrated downside, and MATIC price may decrease to the support level of $0.70, and $0.64. When the buyers defend the support level of $0.79, Polygon will break up the resistance level of $0.87, this may also increase the price to $0.98 and $1.01 resistance levels.
MATIC/USD Short-term Trend: Bearish
Polygon is bearish on the medium-term outlook. Last week, the price was ranging within the $0.93 and $0.87 levels. Polygon market experienced a bearish breakout at the support level of $0.87. The bearish movement may continue to the support level of $0.70.
The Polygon price is trading below the two EMAs which indicates a bearish trend. The 9-day EMA is below the 21 periods EMA. The relative strength index period 14 is at 23 levels with the signal line pointing down which indicates a sell signal. Many investors prefer Dash 2 Trade coin to any other cryptocurrency.
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