Polygon Is Recovering After A Recent Drop Above $0.55

The price of Polygon's Ecosystem Token (POL) has continued to rise after falling below the 21-day SMA and then rising above it. In the previous price activity, POL reached a high of $0.75 but failed to move higher.

POL price long term prediction: bullish

The price of the cryptocurrency remained below the barrier for a week before being pushed back. On December 11, the bulls bought the dips as the altcoin surpassed the 21-day SMA. 

Today, the cryptocurrency value is rising as it approaches the $0.75 barrier. If buyers maintain their upside momentum above the $0.75 high, POL will reach a high of $0.95. However, the altcoin will continue to trade above the moving average lines and below the recent high if it suffers another rejection at the resistance level. POL is now worth $0.64.

Polygon Ecosystem Token indicator analysis

POL was previously trapped between the moving average lines but has now recovered and is now above them. The candlestick tails are pointing below the 21-day SMA after the recent breakout. The candlestick tails show strong buying pressure above the 21-day SMA. The price of the cryptocurrency is between the moving average lines on the 4-hour chart. This indicates a likely range-bound move for the coin.

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?

Polygon is in an uptrend after its recent drop below the moving average lines. The price of the cryptocurrency broke out above the moving average lines but was stopped at the 50-day SMA. POL is trading above the 21-day SMA support but below the 50-day SMA resistance. POL will perform if the moving average lines are broken.

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.