Polygon’s ecosystem token (POL) is rising as it crosses the moving average lines. Price analysis by Coinidol.com.
Polygon Ecosystem Token price long-term prediction: bullish
The altcoin is rising in value, surpassing its previous low of $0.29. The positive momentum peaked at $0.265 before reversing. The altcoin is trading above the moving average lines and below the resistance at $0.26.
On the upside, the altcoin will rise above the $0.30 high if buyers keep the price above the $0.26 barrier. If the altcoin falls from its recent high, it will have to move in a range below the current high and above the moving average lines. The altcoin has retreated and stopped above the $0.23 support in the meantime.
Analysis of the POL indicator
The POL price bars are now above the moving average after breaking above the moving average lines. The cryptocurrency value will continue to rise if buyers maintain the upside momentum above the moving average lines.
The price bars on the 4-hour chart have retraced between the moving average lines, suggesting that there may be a range in the cryptocurrency’s movement.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What is the next step for Polygon Ecosystem Token?
Polygon has continued to rise in the uptrend zone on the daily chart. The altcoin is in a range-bound movement on the 4-hour chart, above the $0.23 support but below the $0.26 resistance.
There is significant buying pressure on the downside of the chart today, as shown by the extended candlestick tail towards the $0.23 support. If the $0.23 support holds, the market will continue to rise.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
