Polygon Reaches The Oversold Regions And Approaches Tthe $0.41 Low

The price of Polygon's Ecosystem Token (POL) fell to a low of $0.43 on July 5. The price indicator expected a decline to a low of $0.41.

Polygon Ecosystem Token price long-term forecast: bearish

In the meantime, the decline has turned into a price range. The altcoin is now trading above the support level of $0.43 but below the 21-day SMA and the high of $0.53. The cryptocurrency has reached the oversold level of the market, as Coinidol.com reports.

On the downside, if the bear breaks below the current support, POL will fall but reverse at the $0.41 level. On the upside, Polygon will resume its uptrend once it breaks above the 21-day SMA. The bullish momentum will continue to the high of the 50-day SMA. Polygon is now worth $0.50.

Polygon Ecosystem Token indicator analysis

On the 4-hour chart, Polygon is moving in a range but is trapped between the moving average lines. The fluctuation will continue as the altcoin remains trapped. If the altcoin breaks above the moving average lines, it will develop a trend.

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 the oversold area of the market. Currently, the altcoin is dropping as it faces rejection at its high of $0.52. On the 4-hour chart, POL has moved between the moving average lines. Once the price falls below the 50-day simple moving average, selling pressure will pick up. The altcoin is expected to hit a low of $0.41.

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.