Polygon Collapses As It Encounters Firm Resistance At $0.75

May 31, 2024 at 11:50 // Price
Coin Idol

The price of Polygon's Ecosystem Token (POL) has remained stable between $0.64 and $0.75. POL (previously MATIC) price analysis by Coinidol.com.

Polygon Ecosystem Token Price long term prediction: ranging

The cryptocurrency has slipped below the moving average lines after being rejected at the 50-day SMA or resistance at $0.75. Since April 14, the cryptocurrency has rebounded four times but has been unable to regain an uptrend. The price action has been limited by the presence of doji candlesticks.

On the upside, the upside momentum was held back by the 50-day SMA or resistance at $0.75. On the downside, bulls are defending the current support level at $0.64. Long candlestick tails indicate significant buying pressure at the $0.64 support level.

Analysis of the polygon indicator

The price bars run below and above the moving average lines. The presence of doji candlesticks has caused the moving average lines to continue their horizontal slope. The price bars have dipped below the moving average lines, indicating a return to existing support.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

POLUSD_( Daily Chart) -May 30.jpg

What is the next move for Polygon Ecosystem Token?

On the 4-hour chart, the cryptocurrency has fallen below the moving average lines. POL is expected to fall further and reach its previous low of $0.64. However, doji candlesticks have dominated the price action, potentially slowing the cryptocurrency's downward movement.

POLUSD_( 4-hour Chart) -May 30.jpg

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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