Polygon Price Sinks As It Encounters Resistance At $0.55

Polygon's Ecosystem Token (POL) is trading sideways after selling pressure eased on July 5. The cryptocurrency fell to a low of $0.43 before recovering.

Polygon Ecosystem Token price long-term prediction: bearish

POL traded above the $0.45 and $0.55 price levels. On the upside, bulls were pushed back twice to the $0.55 resistance. POL is bearish as it approaches lower price levels. Should the $0.45 support hold, the altcoin's trading range will persist. POL will fall to a level between $0.43 and $0.40 if support is lost.

Polygon Ecosystem Token indicator analysis

According to Coinidol.com world blockchain news outlet analysis the bars of POL price are below the moving average lines as the altcoin faces rejection of the recent high. The altcoin will fall if it returns to the downtrend zone, but the price action has been slowed by the doji candlesticks.

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?

Polygon has been moving sideways for the past three weeks. Buyers are hoping for a resumption of the positive trend but are encountering resistance at the current high. Meanwhile, the POL price is hovering between $0.45 and $0.55. When range-bound levels are breached, the altcoin will trend.

Coinidol.com reported in July 26 that Polygon's upward correction has stalled at $0.55 or the 50-day SMA resistance. The cryptocurrency has been capped at its recent high due to resistance.

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.