POL (ex-MATIC) Price Prediction: POL/USDT Hovers Around the 20-Day MA Curve
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POL (ex-MATIC) Price Prediction December 14:
The ex-MATIC token has seen massive price increases recently. The market even tested the resistance at the $0.7000 level for several sessions. However, about five sessions ago, a steep downward retracement occurred, causing a notable downward movement in this market.
POL/USDT Long-Term Trend: Bearish (Daily Chart)
Key Price Levels:
Resistance: $0.6500, $0.7000, $0.7500
Support: $0.6000, $0.5500, $0.5000
The mentioned downward retracement brought the market below the 20-day Moving Average (MA) line. The market rebounded moderately upwards in the following session but could not rise significantly above all MA lines. The ongoing session is bearish and hovers just below the 20-day MA curve. The Stochastic Relative Strength (RSI) line is converging but seems to have a more sideways trajectory.
POL (ex-MATIC) Price Prediction: POL/USDT Looks Burdened
The ex-MATIC daily price chart shows that this market has suffered a significant blow. This, as mentioned earlier, resulted when price action attempted to break the $0.7000 resistance for sessions but failed. It appears that a good number of traders had used that point as a take-profit region. The ongoing session has appeared bearish but remains just below the 20-day MA curve.
Meanwhile, the Stochastic RSI Indicator lines are converging in the oversold region. At this point, it appears that price action in this market has no clear direction. However, since price action remains above the 50-day MA lines, it is logical to assume that price action may eventually progress upward in coming sessions.
POL (ex-MATIC) Price Prediction: POL/USDT Continues to Show a Short-term Depression (4-Hour Chart)
Coming to the POL/USDT 4-hour chart, it can be seen that price action is still hovering around the 20-day MA lines. Likewise, the current session remains bearish as portrayed by the last price candle on the chart. Furthermore, the Stochastic RSI lines descended into the oversold region. The lines of this indicator had earlier converged for a trend reversal but continued downwards as price action descended below the 20-day MA curve once more.
Price action is still hovering, and the Stochastic RSI lines are still descending into the oversold region. The last price candle on the chart only stands above the 200-day MA curve. Therefore, it appears that this market only has a positive long-term outlook at this point. So, traders can anticipate that this market may break through the $0.7000 level later.
