Polygon Continues Its Decline Below The Low Of $0.58

The price of the Polygon Ecosystem Token (POL) has resumed selling pressure after peaking at $0.76.

Polygon Ecosystem Token price long term prediction: bearish

On December 9, POL fell sharply after failing to maintain its positive momentum above the high of $0.75, as reported by Coinidol.com. POL fell to a low of $0.51 as bulls bought dips. However, the upside momentum was halted by the 21-day SMA and resistance at $0.65. If the downside momentum continues, the altcoin will fall above the 50-day SMA or the low of $0.495. 

On the other hand, the future upward movement of the altcoin is uncertain. POL is currently worth $0.59.

Polygon Ecosystem Token indicator analysis

POL has remained trapped between the moving averages since December 9. The decline has paused above the $0.58 support but remains below the 21-day SMA. If the current support level is broken, the cryptocurrency will fall further. The 4-hour chart shows price bars below the moving average lines, indicating a decline.

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 dropped below the moving average lines. The upward correction has failed as the altcoin has regained the previous lows. The decline was slow due to the presence of doji candlesticks. The altcoin's upward correction has failed as it returns to its previous lows. The decline has been slow due to the doji candlesticks. The altcoin is expected to continue its move above the $0.58 support.

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.