Polygon Reaches The Price Target Of $1.30 And Continues To Rise

The price of Polygon's Ecosystem Token (POL) has recovered from its decline and reached a high of $0.71.

POL price long-term forecast: bullish

Buyers are driving POL to its previous high of $1.30. The price indicator suggested that the cryptocurrency would continue to rise. During the rally on November 26, a retracement candle tested the 61.8% Fibonacci retracement line, as reported by Coinidol.com. The retracement suggests that the market will rise to the Fibonacci extension of $1.618 or $0.77. 

In the meantime, the bulls have broken above the $0.61 barrier and thus reached the expected price level. Polygon is now worth $0.71.

POL indicator analysis

The moving average lines are moving north, indicating an uptrend. The 21-day SMA is above the 50-day SMA, indicating a bullish crossover. Two candlestick wicks pointing to the $0.61 level have been breached.

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?

Polygon is in an uptrend on the 4-hour chart after breaking through the $0.61 barrier twice. The price of the cryptocurrency is currently showing a pattern of rising highs and lows. To maintain the uptrend, the price bars need to be above the moving average lines. Polygon will resume its uptrend as soon as the price breaks above the $0.75 mark.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.