Polygon Rebounds Above $0.52 But Risks To Decline

The price of Polygon's Ecosystem Token (POL) is holding above $0.55 after a price drop on June 18.

Polygon Ecosystem Token price long-term forecast: bearish

On June 18, the price of Polygon fell to a low of $0.52 and then recovered.

Prior to this, the altcoin as reported by Coinidol.com, to be trading in the $0.52 support area and below the moving average lines. However, on April 13, a declining candlestick body tested the 78.6% Fibonacci retracement line. The price indicator predicts that the altcoin will fall further to $0.41 or the 1.272 Fibonacci extension level. At the time of writing, Polygon is now worth $0.55.

Polygon Ecosystem Token indicator analysis

The 4-hour chart shows price bars bouncing below and above the downward sloping moving average lines. The price bars are marked by doji candlesticks, which delay the price movements. The 21-day SMA represents the resistance of the moving average lines.

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?

The 4-hour chart of Polygon shows a price range of $0.52 to $0.58. The price bars are dominated by doji candlesticks as the altcoin moves slightly within its range. The altcoin will lose value if the current support is broken.

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.