Polygon (MATICUSD) Price May Increase Provided $1.50 Level Holds – Cryptovibes.com – Daily Cryptocurrency and FX News
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Polygon (MATICUSD) Price Analysis – January 26
An increase in the Polygon price is highly envisaged provided the support level of $1.50 does hold, $1.87 resistance level may be reached and penetrated to test the $2.21 and $2.45. In case the bears defend the resistance level of $1.87, the price may continue its bearish movement to $1.50, $1.23 and $0.89 levels
Key Levels:
Resistance levels: $1.87, $2.21, $2.45
Support levels: $1.50, $1.23, $0.89
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 Head and Shoulder chart pattern. The bears were in control of the Polygon market for many days and the bearish trend pushed down the price and found support at $1.50. The price descends towards $1.23 support level but pulling back at the time of writing this report.
Polygon is trading below the 9 periods EMA and 21 periods EMA. An increase in the Polygon price is highly envisaged provided the support level of $1.50 does hold, $1.87 resistance level may be reached and penetrated to test the $2.21 and $2.45. In case the bears defend the resistance level of $1.87, the price may continue its bearish movement to $1.50, $1.23 and $0.89 levels.
MATIC/USD Short-term Trend: Bullish
Polygon is bullish on the medium-term outlook. The coin was under the control of the bears last week. The bearish momentum pushed the price to the support level of $1.23. The formation of an inverted head and shoulder is in progress by price action on 4 hour chart. This pattern may trigger the bullish movement towards the previous high at $2.21.
The 9-day EMA is crossing the 21 periods EMA upside and the Polygon price is trading above the two EMAs with the distance between them which indicates a bullish movement. However, the relative strength index period 14 is at 50 levels with the signal line pointing up to connote buy signal.
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