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Bears dominate the MATIC market.
Polygon (MATICUSD) Price Analysis – September 15
If the bulls defend the $0.74 support level, MATIC may reverse and continue its bullish trend towards the $0.90, $1.01 and $1.18 levels. A further decline in Polygon price is highly anticipated as long as the $0.74 support level is not held, it may reach the $0.64 price level and enter to test $0.47.
Key steps:
Resistance levels: $0.90, $1.01, $1.18
Support levels: $0.74, $0.64, $0.47
MATIC/USD Long Term Trend: Bearish
The price of MATIC/USD is in a long-term perspective trend. A double top chart pattern formed at the $1.01 resistance level indicates a bearish trend. The bulls dominated the polygon market several days before the bears took over the market; A breakout trend pushed the price higher and found resistance at $1.01. The price is descending towards the $0.74 support level.
Polygon is trading below 9 periods EMA and 21 periods EMA. If the bulls defend the $0.74 support level, the price may reverse and continue the bullish trend towards the $0.90, $1.01 and $1.18 levels. A further decline in Polygon price is highly anticipated as long as the $0.74 support level is not held, it may reach the $0.64 price level and enter to test $0.47.
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MATIC/USD Short Term Trend: Bearish, Tamadoge Token Presale 90% Sold
Polygon is weak on the medium-term view. Vendors are putting more pressure on MATIC. The price action on the 4 hour chart has formed a short “M” chart pattern. The price tested the $0.90 resistance level on September 13. The level holds and the bulls could not push the price above the mentioned level. The price will decrease to $0.74 level.
The price of the polygon is trading below the two EMAs with a close distance between them indicating a bearish trend. The 9-day EMA is below the 21-period EMA. However, the relative strength index is 14 times below the 42 levels and the signal line indicates a sell signal to Connaught.
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