Polygon Price Action Withdraws But Stays Above $0.28

Polygon Ecosystem Token (POL) has dropped to $0.277, the expected price level of the 2.0 Fibonacci expansion. Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token price long term prediction: bearish

The altcoin fell to a low of $0.244 and then recovered on the back of price activity. On the chart, the altcoin has fallen to the bottom. The oversold area of the market has been reached by the cryptocurrency. 

On the downside, it seems unlikely that the cryptocurrency will fall further. The selling pressure has stopped and remains above the support level of $0.28. The altcoin is trading below the moving average lines and above the $0.28 support. If POL breaks above the moving average lines, it will resume its uptrend. The current value of POL currently stands at $0.32.

Analysis of the Polygon Ecosystem Token 

The moving average lines run in a southerly direction. The 21-day SMA is below the 50-day SMA on both charts. Doji candlesticks are used to describe price activity as they slow down the price movement. The extended candlestick tail is pointing below the $0.27 support level, indicating strong buying pressure above the $0.277 support level.

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?

On the chart, Polygon is now at the bottom. The altcoin is trading below the moving average lines on the 4-hour chart but above the support of $0.28. The resistance at $0.34 has rejected the upside correction. After rejecting the recent high, the crypto price is now on the retreat. If the support at $0.28 holds, the range-bound move could continue.

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 Coin Idol. Readers should do their research before investing in funds.