Polygon Enters Oversold Territory By Reaching The $0.33 Low

The price of Polygon's Ecosystem Token (POL) has fallen to the bottom of the chart. Price analysis by Coinidol.com.

On August 5, the negative trend reached a low of $0.33 before rebounding, as reported by Coinidol.com. The selling pressure has eased and the altcoin has entered a sideways trend.

Polygon Ecosystem Token price long-term prediction: bearish

Now the cryptocurrency is trading above the $0.33 support but below the $0.45 resistance level. 

On the negative side, a further decline in the altcoin is doubtful as it enters the oversold sector of the market. Upsides are limited by the resistance at $0.45. Polygon will resume its uptrend if buyers keep the price above the moving average lines or the $0.55 barrier. The altcoin is currently worth $0.37.

Analysing the POL price indicators

The moving average lines have become horizontal as the downtrend ends. On October 1, the price bars fell below the moving average lines after failing to break the $0.45 resistance zone. The emergence of doji candlesticks has reduced the selling pressure. The altcoin has halted its decline above the $0.36 support level and resumed its consolidation above this 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 POL?

The downturn ended on August 5 and the altcoin resumed its sideways pattern. Polygon is trading in a narrow range, with support at $0.33 and resistance at $0.45. The altcoin has pulled back above the $0.36 support level and resumed trading in anticipation of an uptrend.

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.