Polygon Maintains Its Spread Due To The $0.55 Hurdle

The price of Polygon's Ecosystem Token (POL) has recovered after a price drop on July 5, when the altcoin fell to a low of $0.43. POL has been trading below the moving average lines but above the $0.47 support over the past week.

Polygon Ecosystem Token price long term prediction: bearish

On July 14, the bulls broke through the 21-day SMA but were rejected again. The cryptocurrency remained stuck between the moving average lines for three days before being pushed back. Polygon is trading below the 21-day SMA barrier and the current support level of $0.47. If the altcoin breaks through the 21-day SMA resistance, it will rise in price. The bullish momentum will continue to the high of the 50-day SMA. 

The altcoin can be caught between the moving average lines if it encounters resistance at $0.55. POL/USD is worth $0.51 at the time of writing.

Polygon Ecosystem Token indicator analysis

The price bars have fallen below the moving average lines after getting stuck between them. The altcoin has fallen back above the $0.50 support and has resumed its uptrend. The uptrend is being held back by the 21-day SMA.

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?

On the 4-hour chart, POL falls below the moving average lines. The altcoin's decline has moderated above the $0.50 support level and is now trending upwards. However, the selling pressure will continue if the bears break above the current support level of $0.50. The market will continue to fall and reach previous lows of $0.47 and $0.43.

The price of POL fell to a low of $0.43 on July 5, as reported by Coinidol.com previously.

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.