The price of Polygon's Ecosystem Token (POL) is rising after hitting a low above the $0.30 support.
Since October 25, the bulls have defended the $0.30 support. On November 4, the bears broke below the $0.30 support and hit a low of $0.28.
However, the bulls bought the dips and started an upside correction. The bulls have broken the 21-day SMA, but buyers are struggling to maintain bullish momentum above the moving average lines. If the buyers are successful, POL will surpass the 50-day SMA or the $0.38 high.
On the other hand, the cryptocurrency will rise but remain trapped between the moving average lines. POL price is $0.34 at the time of writing, according to Coinidol.com.
The polygon is moving upwards after breaking above the 21-day SMA resistance. If the positive momentum continues, POL will reach its 50-day SMA high.
If the price breaks above the moving average lines, the altcoin will resume its upward trend. In the meantime, the moving averages are trending south.
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
On the 4-hour chart, POL has risen above the moving average lines and reached the high of $0.35. The altcoin is approaching the next resistance at $0.38. The upward movement of the price is slowed down by the resistance at $0.38. The uptrend will continue once the resistance at $0.38 is overcome.
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.
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