Polygon Crashes But Holds Above The $0.20 Low

Polygon's Ecosystem Token (POL) (formerly known as MATIC) hasfallen below the moving average lines and has broken above thelower price level.

POL price long-term forecast: bearish

The altcoin fell further to a low of $0.19 as the downtrend broke below the support of $0.29, which was the lowest price level. However, the previous price estimates were debunked and disproved by the price performance.

On December 16, 2024, as reported by Coinidol.com, amid a price decline, a declining candlestick tested the 78.6% Fibonacci retracement level. POL declines but reverses at the Fibonacci extension level of $1.272 or $0.32

However, Polygon has yet to recover and continues its downtrend to a low of $0.19. The altcoin has since stopped above the $0.20 support.

POL indicator analysis

The downward moving average lines are above the price bars. Long candlestick wicks are an indicator of price activity.

The extended candlesticks indicate strong selling pressure at the recent high. Doji candlesticks have appeared on the 4-hour chart, but price action has remained stagnant. 

Technical Indicators 

Resistance Levels: $1.20, $1.30, $1.40

Support Levels: $0.60, $0.40, $0.30

What is the next move for Polygon Ecosystem Token?

The price of Polygon has stopped falling above the $0.20 support. The price action on the 4-hour chart has been contained between the $0.22 high and the $0.20 support. The price has also found itself between the moving average lines. The range-bound move was caused by the 50-day SMA, which halted the 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.