Polygon (MATICUSD) Price Analysis – June 22
Further decrease in the Polygon price is highly envisaged provided the support level of $0.39 does not hold, $0.33 price level may be reached and penetrated to test the $0.28 level. In case the bulls defend the support level of $0.39, the price may reverse and continue a bullish trend to $0.47, $0.50 and $0.74 levels.
Key Levels:
Resistance levels: $0.47, $0.50, $0.74
Support levels: $0.39, $0.33, $0.28
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. Bears are in control of the market. The bearish trend pushed down the price and found support at $0.39. The price may descends towards $0.33 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 $0.39 does not hold, $0.33 price level may be reached and penetrated to test the $0.28 level. In case the bulls defend the support level of $0.39, the price may reverse and continue a bullish trend to $0.47, $0.50 and $0.74 levels.
MATIC/USD Short-term Trend: Bullish
Polygon is bullish on the medium-term outlook. The sellers were exerting more pressure on the MATIC/USD. The price declines and found support at $0.33 level. The price tested the support level of $0.33 on June 19. The level holds and the bears could not push the price below the mentioned level. The price increases towards $0.47 level.
The 9-day EMA is above the 21 periods EMA and the Polygon price is trading between the two EMAs with the distance between them which indicates a commencement of bullish movement. However, the relative strength index period 14 is at 52 levels with the signal line pointing up to connote buy signal.
