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Polygon (MATICUSD) Price Is Retesting $0.58 Support Level Second Time, Reversal Is Posssible – Cryptovibes.com – Daily Cryptocurrency and FX News

Polygon (MATICUSD) Price Is Retesting $0.58 Support Level Second Time, Reversal Is Posssible – Cryptovibes.com – Daily Cryptocurrency and FX News


MATIC Price Analysis – May 28

The price has reached $0.58 and $0.55, $0.36 may be tested provided the support level of $0.58 does not hold. In case the $0.58 holds, the price may increase to the resistance level at $0.90 and $1.01 if the $0.74 level permits

 

MATIC/USD Market

Key Levels:

Resistance levels: $0.74, $0.90, $1.01

Support levels: $0.58, $0.55, $0.36

 

MATIC/USD Long-term Trend: Bearish

MATIC started a bearish movement on 01 April after several days of bullish movement; this is clearly noticed on the daily chart when the price decline from the high of $1.68 and bottomed at $0.58 support level. More bearish candles continue to emerge and the price declines to the $0.58 price level. The cryptocurrency is pulling back today with the formation of a daily bullish candle.

The daily chart has shown that sellers are dominating the market. The price has cross over the 9 periods EMA and 21 periods EMA downside and the former EMA has crossed the later confirming a bearish trend. The price has reached $0.58 and $0.55, $0.36 may be tested provided the support level of $0.58 does not hold. In case the $0.58 holds, the price may increase to the resistance level at $0.90 and $1.01 if the $0.74 level permits. Meanwhile, the relative strength index period 14 is at 33 levels displaying a bearish signal.

 

MATIC/USD Medium-term Trend: Bullish

MATIC’s performance has been bearish in the medium-term outlook, this may be due to a persistence pressure from the sellers of MATIC. In other words, the price actions are in a downward trend after it breaks out at the dynamic support levels. The market may move lower and this may continue unless there is a strong opposition from the bulls or the support level at $0.58 holds.

The positive spike could test the important resistance level of $0.74, and $0.90. Further push by the Bulls may bring the coin to the high resistance level of $1.01. The RSI (14) is at the 40 levels and the signal line pointing down to indicate the sell signal.

 

 

 



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