Analysis

Polygon (MATICUSD) Price May Increase Further Provided $2.9 Level Does Not Hold

Polygon (MATICUSD) Price Analysis – December 27

Further increase in the Polygon price is highly envisaged provided the resistance level of $2.9 does not hold, $3.2 price level may be reached and penetrated to test the $3.6. In case the bears defend the resistance level of $2.9, the price may reverse and continue a bearish trend to $2.6, $2.4 and $2.2 levels.

Key Levels:

Resistance levels: $2.9, $3.2, $3.6

Support levels: $2.6, $2.4, $2.2

 

MATIC/USD Long-term Trend: Bullish

MATIC/USD price is on the bullish trend on the Long-term outlook. The price action on the daily chart has formed a double bottom chart pattern. The bears were in control of the Polygon market many days before bulls take over the market. The bullish trend pushed up the price and break up the resistance at $2.6. The price ascends towards $2.9 resistance level.

MATICUSD daily chart, December 27

Polygon is trading above the 9 periods EMA and 21 periods EMA. Further increase in the Polygon price is highly envisaged provided the resistance level of $2.9 does not hold, $3.2 price level may be reached and penetrated to test the $3.6. In case the bears defend the resistance level of $2.9, the price may reverse and continue a bearish trend to $2.6, $2.4 and $2.2 levels.

MATIC/USD Short-term Trend: Bullish

Polygon is bullish on the medium-term outlook. The price action on 4 hour chart has formed a Short “W” chart pattern. This pattern is a bullish one. The price tested the support level of $1.87 on December 15. The level holds and the bears could not push the price below the mentioned level. The price increases towards $2.9 level.

MATICUSD 4-hour chart, December 27

The 9-day EMA is above the 21 periods EMA and the Polygon price is trading above the two EMAs with the distance between them which indicates a strong bullish trend. However, the relative strength index          period 14 is below 60 levels with the signal line pointing down to connote sell signal which may be a pullback.

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