Polygon Bounces Above $0.38 And Continues To Rise

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

Polygon Ecosystem Token price long-term forecast: bearish

POL fell to a low of $0.335 on August 5, reaching the oversold area of the market. The bulls have already bought the dips as the altcoin corrects higher. It is unlikely that the cryptocurrency will continue its downtrend. During the price decline on April 8, a retraced candle tested the 78.6% Fibonacci retracement line.

The retracement shows POL declining but then reversing at the Fibonacci extension level of $1.272 or $0.406. Based on price activity, the altcoin reached a low of $0.335 before rebounding. POL is currently worth $0.42 at the time of writing.

POL indicator analysis

POL has entered a bearish exhaustion as the price bars remain below the moving average lines after the pullback. On August 5, the long candlestick tail shows strong buying pressure at the $0.335 support. The price action is characterised by doji candlesticks slowing the price action.

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?

Polygon has reached bearish exhaustion and is trading within a range. On August 5, the decline stopped above the $0.38 support. The altcoin is oscillating between the support level of $0.38 and the moving average lines. Currently, the uptrend is hitting a first resistance at the high of $0.43. POL will resume its uptrend once it breaks above the moving average lines.

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.