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Polygon (MATICUSD) Price Is Trending Downwards and It May Continue – Cryptovibes.com – Daily Cryptocurrency and FX News

Polygon (MATICUSD) Price Is Trending Downwards and It May Continue – Cryptovibes.com – Daily Cryptocurrency and FX News


Polygon (MATICUSD) Price Analysis – May 29

In case the bears increase their pressure or maintaining their current momentum, $14451 price level may be reached and penetrated to test the $0.81222 and $0.8001. If the bulls defend the support level of $1.4451 the price may reverse and continue a bullish trend to $1.8274, $2.3249 and $2.6921 levels.

Key Levels:

Resistance levels: $1.8274, $2.3249, $2.6921

Support levels: $1.4451, $0.8122, $0.8001

MATIC/USD Long-term Trend: Bearish

 

MATIC/USD price is on the bearish trend on the Long-term outlook. 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 $2.6921, the price pulled back and retested the resistance level second time to form short Double top chart pattern. The price is currently decreasing, aiming at $1.4451 support level.

Polygon Daily chart, May 29

Further decrease in the Polygon price is highly envisaged, in case the bears increase their pressure or maintaining their current momentum, $1.4451 price level may be reached and penetrated to test the $0.81222 and $0.8001. If the bulls defend the support level of $1.4451, the price may reverse and continue a bullish trend to $1.8274, $2.3249 and $2.6921 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 $2.3349 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.

Polygon 4 hour chart, May 29

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 at 40 levels with the signal line pointing down to connote sell signal.

 



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