Polygon MATIC price has increased as much as +25% from the lows on Tuesday price of $1.1870. Bulls have sustained Polygon price above the top of the Cloud Senkou Span A and yesterday, closed Polygon MATIC above the Tenkan-Sen. The next bullish Ichimoku condition for traders is a daily close above the Kijun-Sen.

Polygon price limited to $1.65, hidden bearish divergence signal bearish takeover

Polygon MATIC may have difficulty moving above the price of $1.65 value area. A shared resistance level area at $1.65 matches the prior swing highs found between August 21st and August 24th. In addition, the 50% Fibonacci retracement level from the July 10th swing low to the high of the daily strong bar on May 19th is at price of $1.6340. But before Polygon MATIC can reach the resistance levels near $1.65, bulls must first contend with the nearby selling pressure that will occur against the daily Kijun-Sen at price of $1.46.



Bulls and bears may feel a little pressure between price of $1.40 and $1.46. There are several very near-term support levels between $1.37 and $1.40: Senkou Span A, the daily Tenkan-Sen, and the 38.2% Fibonacci retracement level. 

Bulls will want to pay attention to the Relative Strength Index and the Composite Index. The Relative Strength Index RSI is trading just a hair above the first oversold condition in a bull market (50), but price bulls are not showing a convincing support level here. If bulls push Polygon price above the Kijun-Sen, then the Composite Index will create a hidden bearish divergence - signaling a warning that downside price momentum may return.

Bears can easily reassume control and push Polygon price south if bulls fail to hold above at least the Tenkan-Sen at price of $1.37. Below that, a return to $1.20 is inevitable.

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