Polygon (MATICUSD) Price Analysis – June 21
Further decrease in the Polygon price is highly envisaged provided the support level of $1.23 does not hold, $1.23 price level may be reached and penetrated to test the $0.89 and $0.31.
Resistance levels: $1.87, $2.21, $2.45
Support levels: $1.23, $0.89, $0.31
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 bulls were in control of the Polygon market many days before bears take over the market. The bullish trend pushed up the price and found resistance at $2.45. The price descends towards $1.23 support level.
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 $1.23 does not hold, $1.23 price level may be reached and penetrated to test the $0.89 and $0.31. In case the bulls defend the support level of $1.23, the price may reverse and continue a bullish trend to $1.87, $2.21 and $2.45 levels.
MATIC/USD Short-term Trend: Bearish
Polygon is bearish on the medium-term outlook. The price action on 4 hour chart has formed a Short “M” chart pattern. This pattern is a bearish one. The price tested the resistance level of $2.45 on May 26. The level holds and the bulls could not push the price above the mentioned level. The price decreases towards $1.4451 level.
The 9-day EMA is below the 21 periods EMA and the Polygon price is trading below the two EMAs with the distance between them which indicates a strong bearish trend. However, the relative strength index period 14 is below 40 levels with the signal line pointing down to connote sell signal.