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Polygon Continues Its Streak But The $0.75 Resistance Overwhelms It

source-logo  coinidol.com 26 May 2024 15:24, UTC

Polygon's Ecosystem Token (POL) is in a sideways trend as buyers and sellers continue to negotiate prices. Price analysis by Coinidol.com.

Long-term prediction of the Polygon price: ranging

Since April 13, the altcoin has been trading between $0.64 and $0.75 as reported by Coinidol.com previously. The altcoin's upside is limited by resistance at $0.75 or the 50-day SMA. The decline has eased as the bulls maintain the current support at $0.64.

On May 20, POL rallied and tested the 50-day SMA and resistance at $0.75 twice but failed to sustain a positive trend. The cryptocurrency has returned to its range, which is between the moving average lines. The altcoin is currently worth $0.72.

Polygon Ecosystem Token indicator analysis

Polygon has pulled back between the moving average lines after being rejected at the 50-day SMA. The cryptocurrency will continue to fluctuate between the moving average lines. POL price action has been slowed by the presence of doji candlesticks.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next development for Polygon?

POL/USD has remained at the bottom of the chart. There are extended candlestick tails at the bottom of the chart indicating significant buying pressure at lower prices. The bulls have continuously defended the existing support but the price has failed to stay above the moving average lines. The altcoin is now trading in a limited range and could see a rally.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.