Polygon Loses $0.45 Support And Continues Selling Pressure

The price of Polygon Ecosystem Token (POL) has started to fall after breaking below the key support level of $0.45. Previously, the price of the altcoin was moving sideways.

Polygon Ecosystem Token price long term prediction: bearish

POL was trading at prices between $0.45 and $0.55. Today's negative trend has broken the support levels of $0.45 and $0.41. The cryptocurrency is expected to continue its downtrend. If the downtrend continues, POL will fall above the 2.0 Fibonacci extension or $0.277. The altcoin has fallen to a low of $0.396 at the time of writing.

Polygon Ecosystem Token indicator analysis

POL is bearish as the altcoin came under renewed selling pressure and remained below the moving averages. The downtrend has wiped out the altcoin's rise, which was range-bound. The moving average lines are trending south as the altcoin resumes its downtrend. The price action was previously dominated by doji candlesticks, which slowed down the price movement.

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 4-hour chart of Polygon shows that it is trading in a narrow range above the $0.45 support before falling. Before being rejected by the moving average lines, the cryptocurrency fluctuated below them. The altcoin is approaching its recent low of $0.35. On November 14, 2024, the altcoin hit a low of $0.35 before recovering.

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.