The Polygon Ecosystem Token (POL) price has reached a bearish exhaustion and has dropped to a low of $0.34.
Polygon Ecosystem Token price long term prediction: bearish
On August 5, as reported by Coinidol.com previously, the bulls bought the dips and started an uptrend. The price of the cryptocurrency rose as the bulls halted the dip above the support level of $0.38. The price indication predicts a probable decline and reversal above the $0.40 support. Today, POL is trading above the $0.38 support but below the moving average lines.
The uptrend will start once the price rises above the moving averages. The bullish momentum will continue to the previous highs of $0.70 and $0.80.
On the downside, further declines in the cryptocurrency seem unlikely as the market approaches oversold territory. POL is now worth $0.44.
Polygon Ecosystem Token indicator analysis
On the daily chart, the price of the cryptocurrency has risen above the 21-day SMA but remains below the 50-day SMA. The bullish momentum is expected to reach or exceed the 50-day SMA. If the cryptocurrency does not break above the 50-day SMA, it will be trapped between the moving average lines. The price of the cryptocurrency will fluctuate between the moving average lines for a few days.
However, Polygon’s uptrend will resume once it breaks above the 50-day SMA.
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 regained positive momentum after crossing the 21-day SMA on the daily chart. The altcoin has broken out of its current range of $0.38 to below the 21-day SMA and is now correcting upwards. On the upside, the altcoin is encountering resistance at its high of $0.50. Once the $0.50 resistance level is broken, the altcoin will resume its uptrend.
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.
