Polygon Hits Bearish Exhaustion As It Hovers Above $0.40

Polygon's Ecosystem Token (POL) price has started a rangebound move after failing to break through resistance at $0.60.

Polygon Ecosystem Token price long term prediction: ranging

The cryptocurrency value is declining after its rejection of the recent peak. The altcoin is expected to fall back to its current support of $0.38. The price signal suggests that the altcoin will fall but rebound above the $0.40 support. 

Polygon will begin a range-bound rise above the $0.38 support and below the $0.60 resistance. If the current support is broken, the altcoin will fall back to its previous low of $0.34. The cryptocurrency is currently trading at $0.40.

Polygon Ecosystem Token indicator analysis

The moving average lines are sloping horizontally as the market approaches the oversold area. The altcoin is still trading modestly due to the presence of doji candlesticks. Polygon has reached bearish exhaustion and continues to consolidate above the current support.

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 reached bearish exhaustion and is preparing to resume its uptrend. In the meantime, the market price is fluctuating between $0.38 and $0.60. The altcoin has declined and is consolidating above the support of $0.40. The uptrend will continue if the existing support holds.

On August 21, the altcoin corrected upwards to $0.60. Buyers were unable to sustain the positive momentum above the recent high, as reported Coinidol.com. 

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.