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Polygon (MATICUSD) Price Will Move Higher from Support

Johnathon Fox
04/26/2023 | UPDATED ON: 04/26/2023

Polygon (MATICUSD) Price Forecast: April 26
The Polygon (MATICUSD) price will move higher from the current support level at $0.978 to face the positive side soon. After testing the bottom support, a usual response would be a bullish reversal; if buyers should triple their efforts to forecast a bullish increase in the market above the $1.333 resistance level, the $1.549 upper high level may be retested.

Key Levels
Resistance Levels: $1.100, $1.200, $1.300
Support Levels: $0.950, $0.850, $0.750

MATIC (USD) Long-term Trend: Bearish (Daily Chart)
The Polygon price is in a bearish trend zone in its long-term outlook. Sellers were involved as the coin price was driven low to the $0.979 value during the previous action.
Polygon (MATICUSD) Price Will Move Higher from Support
As a result of high selling pressure at this level, sellers dropped the price lower to the $0.978 support value as the daily chart begins today. This is due to the high inflow from the short traders.

Meanwhile, the current price at a $0.978 low value below the supply trend lines has not stale the market condition of the crypto. Thus, traders who buy the coin during the bearish market will also make gains in the future.

Hence, we have a bullish bias that the market value of MATICUSD will rise further to the upside if the buying pressure should increase.

In addition to that, the crypto is now trading below the 7% range in the oversold region of the daily stochastic. This means that the selling pressure will soon be exhausted, thus, the coin will now rise from the support level which might extend the coin price to the $1.549 previous high If the coin buyers could push higher and close a candle, closing above the mentioned resistance will signal a potential BUY.

As a result, the price could pump or surge upsides to hit the $2.000 resistance value in the days ahead in its long-term outlook.

MATIC (USD) Medium-term Trend: Bullish (4H Chart)
Due to the interference from the sell traders, the momentum on the medium-term view is still bearish. The price of MATICUSD can be sighted below the supply trend lines as well.
Polygon (MATICUSD) Price Will Move Higher from Support
The previous action of the short traders at the $0.979 value has put the crypto’s price below the supply lines.

Today, the coin made a downward move to the $0.992 support value below the moving averages as the 4-hourly session opens. If the bulls should increase their price action, and bullish momentum is sustained, the ongoing bearish thesis will be hibernated.

If buyers should intensify their efforts, the price might possibly reverse and turn up from the current support and face the positive side to retest the previous high of $1.189 supply level and this may extend to a $2.000 high mark in the days ahead in its medium time frame.

Buy Polygon on eToro

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « Quant (QNTUSD) Remains Strong above the $110.96 Supply Value
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