Polygon Holds Above $0.19 As Traders Are Uncertain

Polygon's Ecosystem Token (POL) is stabilizing above the $0.19 low after breaking above the previous low of $0.29.

Since March 10, as reported by Coinidol.com, the altcoin has been trading above the $0.19 support but below the moving average lines and resistance at $0.24.

Polygon Ecosystem Token price long-term prediction: bearish

Today, POL is bearish as it faces rejection at the $0.24 high. At this point, POL has fallen to a low of $0.1949. If the current support holds, the altcoin will rise on the downside and resume its sideways trend. The cryptocurrency value has reached the oversold level of the market. Moreover, the polygon is trading at the bottom of the chart. Buyers may appear in the oversold area of the market.

POL price indicators analysis

On the daily chart, the moving average lines are sloping south, indicating a downtrend. The price bars are rejected at the 21-day SMA as the cryptocurrency continues to fall. The decline will be halted if buyers keep the price above the moving average lines.

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?

Polygon's price is trading above the $0.19 level while maintaining its sideways pattern. On the daily chart, the doji candlesticks have returned, indicating that traders are uncertain about the future of the market.

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.