Polygon Recovers And Crosses The $0.22 Level

The price of Polygon's Ecosystem Token (POL) rises again after retesting $0.190. It now rises to $0.29, the altcoin's lowest price.

Long-term forecast for the POL price: bearish

On the daily chart, the crypto price has risen above the 21-day SMA and the bullish momentum is reaching the 50-day SMA. POL will cross the $0.29 level once the bulls break above the 50-day SMA. POL will continue to rise until it reaches a high of $0.517.

However, POL will fall and be forced to move above the $0.19 support if the buyers fail to sustain above the 50-day SMA. In other words, Polygon will bounce below the moving average lines but above the $0.19 support.

POL indicator analysis

On the daily chart, the crypto price is between the moving average lines. This shows that POL will be forced into a rangebound trend if the 21-day SMA support and 50-day SMA resistance are broken.

Doji candlesticks are currently used to describe the price bars.

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?

The price of Polygon is now rising after falling to a low of $0.19. The altcoin is now trading in the oversold region of the market. Buyers are expected to arrive, which will push prices higher. The uptrend has slowed to $0.236. Price action is currently static as doji candlesticks are seen.

Coinidol.com reported on March 17 that POL fell further to a low of $0.19 as the downtrend broke below the support of $0.29, which was the lowest price level.  

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.