Polygon’s Ecosystem Token (POL) has recovered since the price dip on February 3 and consolidated above the $0.28 low.
Polygon Ecosystem Token price long term prediction: ranging
Polygon’s Ecosystem Token (POL) has recovered since the price dip on February 3 and consolidated above the $0.28 low, as reported by Coinidol.com. The uptrend has been stalled by resistance at $0.32 or the moving average lines. Price action is stagnant due to the presence of doji candlesticks. Polygon has reached bearish exhaustion as it trades at the bottom of the chart. A break above the 21-day SMA resistance will signal the resumption of the uptrend. Bullish momentum will continue to the high of the 50-day SMA barrier.Â
On the downside, the downtrend will resume once the $0.28 support is breached. POL will retest the previous low of $0.244. At the time of writing, the altcoin is valued at $0.292.
Polygon Ecosystem Token indicator analysis
Doji candlesticks have taken command as price action consolidates above current support. The Doji candlesticks represent the decisions that traders make about the direction of the market. The sideways trend is indicated by the horizontal moving average lines on both charts.
Technical IndicatorsÂ
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?
The sideways trend has kept the Polygon horizontal. The direction of the market is unclear to traders. The cryptocurrency asset will have a breakout if it continues to retest the 21-day SMA.Â
However, further declines are unlikely as Polygon’s price has already fallen to its lowest point.
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.
