Polygon Falls Sharply And Reaches A Low Of $0.213

Polygon's Ecosystem Token (POL) has seen a sharp drop in value after crossing the lowest price point of $0.29 and then falling to $0.21.

Polygon Ecosystem Token price long-term prediction: bearish

According to the price analysis by Coinidol.com, the decline was halted above the support level and the altcoin is trading below the $0.35 resistance but above the $0.21 support. Bearish fatigue has been reached. If POL holds its position above the support, the uptrend will resume.

Polygon Ecosystem Token indicator analysis

The 21-day SMA and the 50-day SMA have dropped significantly to the bottom of the chart. The long candlestick tails above the $0.21 support indicate strong buying pressure at lower price levels. The doji candlesticks have emerged as the price consolidates at the bottom of the chart.

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?

Price action on the 4-hour chart is limited by the moving average lines or support at $0.22 and resistance at $0.25. POL is rising again after reaching the current support above $0.21. The 21-day SMA barrier currently poses a threat to the uptrend.

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.