Polygon Moves Sideways, But Risks Falling Below $0.45

Polygon Ecosystem Token (POL) price is moving above the $0.45 support but below the moving average lines or resistance at $0.55. Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token price long term prediction: ranging

Since the price drop on December 20, 2024, the altcoin has been in a sideways pattern. However, based on current values, the altcoin is forecast to fall further to $0.27.

However, since December 20, 2024, the price of the cryptocurrency has remained stable above the $0.45 level. At this time, the altcoin is trading at $0.4510. A break above the moving average lines would mean a continuation of the uptrend.

Polygon Ecosystem Token indicator analysis

The price bars are above the $0.45 support but below the moving average lines. On December 20, 2024, the extended candlestick tail indicates significant buying pressure at the lower price level. The moving average lines on both charts are horizontal, indicating a bearish crossover. Selling pressure has eased as the crypto price has stabilized above current support.

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?

On the 4-hour chart, Polygon has continued to move sideways while in the downtrend zone. The upward movement is doubtful when doji candlesticks appear. The resistance lines of the price bars are the 21-day and 50-day SMAs respectively. The decline will start if the altcoin falls below $0.45.

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.