Polygon (MATIC/USD) Market Corrects to Touch a Support
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Polygon Price Prediction – August 28
The recent sellers’ reactions that created a change in the direction of the MATIC/USD trade have somewhat exhausted as the crypto market corrects to touch a support spot. The market is between a low and high of $0.799 and $0.822 value lines at an average rate of 1.24%.
MATIC/USD Market
Key Levels
Resistance levels: $1, $1.10, $1.20
Support levels: $0.70, $0.60, $0.50
MATIC/USD – Daily Chart
The MATIC/USD daily chart shows that the crypto-economic market corrects to touch support around the bullish trend line drawn underneath the SMAs. The 14-day SMA indicator has unwittingly traveled southward to place at $0.843, tightly above the 50-day SMA indicator, which is at $0.839 point. The Stochastic Oscillators are around the range line of 20, swinging to maintain 23.32 and 18.70 range values. With the formation of a bullish candlestick during yesterday’s trading session, bottoming against the penultimate one signals that some ups are liable to feature in the subsequent operations.
What trading outlook is the MATIC/USD market maintaining over a couple of sessions?
The MATIC/USD market appears to have been maintaining a relatively bullish-trading outlook over a couple of sessions even though the crypto economy corrects to touch a support spot. It observed that less-active declining motions have been by price toward finding a support zone below the SMA trading tools. Bulls may hold firmly against further falling pressures around the bullish trend line drawn for some time. Variant rebounding movements can surface validate the re-emergence of upswings around the trend line.
On the downside of the technical analysis, if buying spree gets intensified around the conjoined trend lines of the SMAs, sellers will have to put their actions on hold until another round of convergence or rejections shows up at a higher-resistance trading level before considering making a come-back afterward. It may take a long time as the price tends to hold long in smaller space between the SMAs and the bullish trend line drawn below them to push southward further.
MATIC/BTC Price Analysis
Initially, the MATIC market corrects to touch support against the trending capacity of Bitcoin in the recent sessions. The cryptocurrency pair price is attempting to go higher over the trend lines of the SMAs. The 14-day SMA indicator is above the 50-day SMA indicator. The Stochastic Oscillators have swerved northbound from the range point of 20 to get positioned between 41.36 and 65.63 range values. And they are still pointing toward the north side to indicate the base crypto may still push upward against its counter-trading crypto.
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