Polygon Got Oversold As The Price Reaches A Low Of $0.52

Jun 23, 2024 at 10:31 // Price
Coin Idol

Polygon's Ecosystem Token (POL) price has fallen further as it loses its current price range. Price analysis by Coinidol.com.

Polygon Ecosystem Token price long-term prediction: bearish

Since April 13, the altcoin has traded in a range of $0.62 to $0.74. On June 13, the bears broke through the $0.62 support and reached a low of $0.52. The cryptocurrency reached the oversold level of the market. On June 18, the bulls bought the dips, resulting in an extended candlestick tail. The long candlestick tail represents strong buying pressure at a lower price level.

If the current support level of $0.52 holds, the altcoin will resume its uptrend. Polygon is worth $0.56 at the time of writing.

Polygon Ecosystem Token indicator analysis

Polygon has fallen sharply as the price continues to fall below the moving average lines. With the current dip, the horizontal moving average lines are pointing downwards. The price bars remain consistently below the 21-day SMA resistance line.

Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

POLUSD_( Daily Chart) -June 22.jpg

What is the next move for Polygon Ecosystem Token?

Polygon is trading at the bottom of the chart and has dropped to a low of $0.52. If the current support holds, POL will trade between $0.53 and the resistance level of $0.60. The altcoin has reached bearish exhaustion and has pulled up from its previous low of $0.52.

POLUSD_( 4-Hour Chart) -June 22 (1).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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