Polygon Recovers Above $0.34 As Investors Rally

Polygon's Ecosystem Token (POL) price has dropped significantly to the bottom of the chart. Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token price long term prediction: bearish

The cryptocurrency tested the oversold level twice as it pulled back. On August 5, the negative trend reached the previous low of $0.34 before recovering. POL attempted an upward correction but was halted by resistance at the 21-day SMA. The altcoin was rejected and plunged again, hitting a low of $0.35 on September 2. The altcoin is in an uptrend after reaching the oversold territory twice. The upward move could face resistance at the moving average lines or at the high of $0.44. Polygon is now worth $0.37.

Polygon Ecosystem Token indicator analysis

The moving average lines are trending south while the price bars remain below them. Bearish momentum remains stuck at $0.34. The extended candle tails point to the low at $0.35. This indicates significant buying pressure near the $0.35 support level. The price of the cryptocurrency is now trading 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?

Polygon has fallen to the bottom of the charts. On the daily chart, altcoin is trading above the support level of $0.34 but below the moving averages. The altcoin will resume its uptrend if buyers keep the price above the moving averages and the upward momentum continues. In the meantime, altcoin is trading just above its current support level of $0.34.

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.