Polygon Continues Its Upward Trend And Targets A High Of $0.55

The price of Polygon Ecosystem Token (POL) has recovered from its slump and has risen above the moving average lines.

Polygon Ecosystem Token price long-term prediction: ranging

The upside momentum was halted by the 50-day SMA. However, buyers have not given up; POL is between the moving average lines. The altcoin has moved up from the bottom of the chart. On September 6, the price of the altcoin fell and traded above the $0.35 support but below the moving average lines. 

Today, the price of the cryptocurrency has partially risen above the moving average lines and has reached a high of $0.42. If the bulls break the moving average lines to the upside, POL will return to its highs of $0.55 and $0.65. However, if the bullish scenario fails, the sideways trend will continue.

Polygon Ecosystem Token indicator analysis

The price of cryptocurrencies is trapped between the moving average lines after a price rise. POL will rise if the bulls break above the 50-day SMA. However, if the bears break the 21-day SMA support, the cryptocurrency will crash. In the meantime, neither the bulls nor the bears have the upper hand as the cryptocurrency remains trapped.

Technical Indicators 

Resistance Levels: $1.20, $1.30, $1.40

Support Levels: $0.60, $0.40, $0.30

What's the next move for Polygon Ecosystem Token?

Polygon has rallied on the 4-hour chart, and the price of the cryptocurrency is showing a pattern of rising highs and lows. The uptrend has stalled at the $0.43 resistance level. In the previous price action, the bulls broke above the current resistance level but were halted at the higher price level, forcing the price to drop to the lower part of the chart.

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.