Polygon Recovers But Fails To Break Above The $0.42 Barrier

The price of Polygon's Ecosystem Token (POL) is in a sideways trend after the price drop on August 5. Price analysis of POL coin on October 13, by Coinidol.com.

POL price long term prediction: ranging

Polygon fell to a low of $0.33 on August 5 before recovering, as reported by Coinidol.com previously. The bulls bought the dips and the POL price moved sideways above the $0.35 support but below the resistance at $0.42. Neither the bulls nor the bears broke the ranges. Thus, the bears have not pushed the POL price to its previous low of $0.33 in the last two months. 

On the upside, the moving average lines and the resistance at $ 0.42 are hindering an upward movement. Polygon is currently $0.37 and is correcting upwards near the moving average lines.

 Polygon Ecosystem Token indicator analysis

On the daily chart, the moving average lines are horizontal, indicating a sideways trend over the last two months. The price bars are below the moving average lines, indicating that the cryptocurrency could lose value. On the 4-hour chart, the price bars are between the moving average lines, indicating a sideways trend.

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?

The 4-hour chart of Polygon shows a limited price range of $0.36 to $0.39. The development of doji candlesticks has caused the price action to remain stationary. In addition, the POL price is trapped between the moving average lines, extending the duration of the sideways trend.

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.