Polygon Consolidates Above $0.51, But Risks Decline

The latest price analysis by Coinidol.com report, Polygon's Ecosystem Token (POL) price has remained unchanged after the price drop on December 20.

Polygon Ecosystem Token price long term prediction: bearish

Over the past two weeks, POL has been trading above the support level of $0.45 but below the moving average lines. The cryptocurrency had previously fallen to a low of $0.41 before recovering above the $0.45 support. The price indicator predicts that it will fall to $0.27 or the 2.0 Fibonacci extension. 

Yesterday, the altcoin has corrected above the $0.45 support but remains trapped between the moving average lines. The cryptocurrency will perform when the moving average lines are crossed.

Polygon Ecosystem Token indicator analysis 

The price bars are trapped between the moving average lines. The emergence of doji candlesticks has caused the price action to remain static. 

However, POL will start its negative movement once the price falls below the 21-day SMA. The moving average lines are horizontal as the cryptocurrency moves within their range. 

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? 

Polygon has been contained between the moving average lines. The cryptocurrency will start to perform once it comes out of its confinement. The market will be in decline. For example, if the bears break below the 21-day SMA, POL will fall to $0.41. Later, the bearish momentum will extend to the 2.0 Fibonacci extension level or $0.27.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.