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Polygon is tests $1.18 resistance level
Polygon (MATICUSD) Price Analysis – November 04
In case the bears oppose the bulls at $1.18, MATIC price may decrease to the support level of $1.01, $0.93 and the support level of $0.87. When the buyers exert more pressure, Polygon will break up the resistance level of $1.18, this may also increase the price to $1.31 and $1.42 resistance levels.
Key Levels:
Resistance levels: $1.18, $1.31, $1.42
Support levels: $1.01, $0.93, $0.87
MATIC/USD Long-term Trend: Bullish
Polygon price is bullish, on the Long-term outlook. On September 26, the support level of $0.70 was tested. The buyers interrupted the sellers at the mentioned support level with the formation of bullish engulfing candles. The former resistance levels of $0.87, $0.93 and $1.01 was broken upside and the resistance level of $1.18 is tested today, the coin is pulling back at the moment.
Polygon is trading above the 9 periods EMA and 21 periods EMA as fast moving average has crossed the slow moving average. In case the bears oppose the bulls at $1.18, MATIC price may decrease to the support level of $1.01, $0.93 and the support level of $0.87. When the buyers exert more pressure, Polygon will break up the resistance level of $1.18, this may also increase the price to $1.31 and $1.42 resistance levels.
MATIC/USD Short-term Trend: Bullish
Polygon is bullish on the medium-term outlook. The price was ranging within the $0.93 and $0.87 last three weeks. There was a Bullish breakout when the bulls gained more pressure, and bullish candles were produced. The price increase to break up the former resistance level of $1.01. At the moment, the price is pulling back from the resistance level of $1.18.
The Polygon price is trading above the two EMAs which indicate a bullish trend. The 9-day EMA is above the 21 periods EMA. The relative strength index period 14 is at 78 levels with the signal line pointing down which indicate sell signal and may be a pullback.
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