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Cryptocurrency analysts of Coinidol.com report, Polygon's Ecosystem Token (POL) price fell below the moving average lines on December 19. As a result, the altcoin could fall even further.
Polygon Ecosystem Token price long term prediction: bearish
Today, POL is correcting upwards as it approaches the 50-day SMA. If buyers fail to sustain the price above the 50-day SMA, selling pressure will emerge. Meanwhile, POL corrected higher after the decline on December 9 and tested the 50% Fibonacci retracement level with a declining candlestick body. The retracement suggests that POL will fall to the 2.0 level of the Fibonacci extension or $0.27. POL is now worth $0.50.
Polygon Ecosystem Token indicator analysis
After the breakdown on December 19th, the POL price bars have fallen below the moving average lines. POL is correcting upwards but is hindered by the 50-day SMA. On the 4-hour chart, the price bars are between the moving average lines, indicating that the cryptocurrency is trading in a range. The moving average lines are trending downwards, indicating a downturn.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What is the next step for Polygon Ecosystem Token?
Polygon is poised for a further decline as the price bars are below the moving average lines. The price indicator suggests that the crypto asset will continue to fall. If the buyers fail to sustain the price above the 50-day SMA today, it will indicate that the bulls are weak. The bears will push the price to the existing support level of $0.40.
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.