Polygon Continues Its Slide As The Bears Break Through The $0.52 Low

Jul 04, 2024 at 12:52 // Price
Coin Idol

Polygon Ecosystem Token (POL) price has been trading between $0.52 and below the moving average lines since June 18. Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token price long term prediction: bearish

Doji candlesticks have led to modest price movements over the past two weeks. Today, POL has fallen to its current support of $0.52. After the recent dip, the price of the cryptocurrency remains above its current support level. According to the price indication, Polygon is expected to continue its downtrend. The current support has been broken and the altcoin has reached a low of $0.51.

Polygon Ecosystem Token indicator analysis

On July 2, the price of the cryptocurrency rallied before being rejected by the 21-day moving average line. This has caused the altcoin to come under selling pressure again. The slide will continue if the altcoin loses its current support of $0.52. Polygon will resume its positive trend if buyers keep the price above the 21- and 50-day SMAs.

POLUSD_( Daily Chart) -July 4.24.png

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?

On the 4-hour chart, altcoin has dropped to its previous low of $0.52. The price range of $0.54 to $0.58 was broken as the altcoin came under selling pressure. POL quickly fell to a low of $0.50 before recovering. The altcoin is falling modestly, signaling the start of a negative trend.

POLUSD_( 4-Hour Chart) -July 4.24.png

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

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