The price of the Polygon Ecosystem Token (POL) has continued its upward trend, reaching a high of $0.58.
Polygon Ecosystem Token price long term prediction: bullish
On the upside, the altcoin will rise to previous highs but will encounter resistance near $0.80. Currently, the uptrend is encountering early resistance near the high of $0.60. Since November 23, bulls have struggled to break through resistance at $0.60. POL will reach a high of $0.80 if the current barrier is broken.Â
However, since July 17, buyers have failed to sustain the bullish momentum above the $0.60 high. On the other hand, if the cryptocurrency falls from its recent high, POL will have to move sideways above the moving average lines but below the recent high.Â
Meanwhile, POL is trading below its recent high of $0.60. POL is currently $0.58.
POL indicator analysis
Polygon is experiencing a rejection at its recent high. Since July 17, the long candlestick wicks indicate the recent high. These candlestick wicks indicate significant selling pressure at the recent highs. In addition, POL has a bullish cross that occurs when the 21-day SMA crosses above the 50-day SMA, which is a positive sign.
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 been in a sideways trend on the 4-hour chart since the uptrend ended on November 23. The altcoin is moving above $0.50 but below the resistance of $0.60. The price action consists of doji candlesticks that are slowing down the price movement. The bullish momentum has reached its end point. A further upward movement of the cryptocurrency is unlikely.
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.
