Polygon (MATICUSD) Price Forecast: November 24
Amidst the current uncertainty in the crypto market, the MATICUSD has undergone a notable reversal trending upwards from its recent low of $0.7203 value to regain its upward strength. Thus, a strong push from the current price at the $0.7651 high value which is above the supply trend levels will put the crypto in a strong bullish trend and this may further extend to the $1.000 upper resistance level resulting in intraday gains for the buy traders.
Key Levels
Resistance Levels: $0.700, $0.800, $0.900
Support Levels: $0.500, $0.450, $0.400
MATIC (USD) Long-term Trend: Bullish (Daily Chart)
MATICUSD remains bullish on the higher time frames. This is clear as we can see the prices trending upwards above the supply trend levels indicating a strong bullish trend. However, the recent market has favored the bulls.
The sustained bullish pressure to the $0.8525 high mark on the 19th of November has made it possible for the coin to remain firm in an uptrend in its recent high.
The coin trading above the moving averages at the $0.7651 resistance level above the moving average as the daily chart opens today, is an indication of a more bullish impact in the market.
Polygon is trending upwards making higher highs and higher lows, showing signs of bullishness. If the current pattern follows through, the coin price could break above the $0.9820 previous high mark providing a strong resistance zone for the coin buyers.
Similarly, the price might continue trending upwards as shown by the price indicator which is in an upward direction. If the price of MATICUSD is able to break above the $0.9820 supply value, then we can expect a price to hit the $1.0000 upper resistance level soon in its long-term outlook.
MATIC (USD) Medium-term Trend: Bearish (4H Chart)
The MATICUSD pair is trading in the bearish trend market in its medium-term outlook. The price bar can be seen slightly below the moving average line and has confirmed its bearishness.
The pressure from sellers to a $0.7203 support value in the previous also added to the bearish impact on the market.
However, the bulls overrode this and made a corrective move to the $0.7651 resistance level slightly below the EMA-50 shortly after the commencement of the 4-hour chart today.
Should the bulls increase their momentum, the price of polygon might break out from the current supply and trend upwards to hit the previous high of $0.9624 high value which would provide an opportunity for buyers to regain control over the crypto.
Further, the daily stochastic suggests an uptrend by pointing upward. Thus, if the buy traders successfully keep the MATICUSD prices above the previous resistance level, the coin price may further extend to the $1.0000 high level in the coming days in its medium-term time frame.
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