coinidol.com
The price of the Polygon Ecosystem Token (POL) has resumed its uptrend and has risen above the moving average lines.
Polygon Ecosystem Token price long-term forecast: bullish
The cryptocurrency rose to a high of $0.4471 but failed to break above the resistance at $0.45. Polygon has fallen above its moving average lines. The uptrend will continue if the altcoin retraces and finds support above the 50-day SMA level. The price of the cryptocurrency will fluctuate above the moving average lines before rising to retest the $0.45 level. The polygon will reach a high of $0.56 if the current barrier is breached.
However, the altcoin's slide will resume if the price falls below the moving average lines. The cryptocurrency will return to its usual range, above the support of $0.30. The altcoin is currently worth $0.36.
Polygon Ecosystem Token indicator analysis
Polygon is still trading in the uptrend zone, with the price bars retracing above the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating selling pressure. The selling pressure could extend to a low of $0.30 and lead to a further move within the trading range.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What's the next move for Polygon Ecosystem Token?
According to the analysis by Coinidol.com, Polygon is in a downtrend after the recent price rise on the 4-hour chart. The decline could reach the previous low of $0.30. The sideways movement will continue if the bulls maintain their support at $0.30. However, the downtrend will continue if the bears break the current support level of $0.30.
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.