Polygon Recovers And Hits Resistance At $0.60

The price of the Polygon Ecosystem Token (POL) has started to move within a range after the end of the downturn on August 5.

Polygon Ecosystem Token price long-term forecast: bearish

On August 21, the altcoin corrected upwards to $0.60. Buyers were unable to sustain the positive momentum above the recent high.

On the daily chart, the uptrend has broken above the moving average lines and reached a high of $0.60. After rejecting the recent high, the altcoin reversed and found support above the moving average lines. A further decline in the coin is unlikely as it remains above the moving average lines. Polygon is expected to rise above the moving average line on the daily chart. A break above the $0.60 resistance will propel the altcoin to a high of $0.80.

However, the altcoin will be forced to move above the moving average lines where it will be rejected at $0.60. The cryptocurrency is currently trading at $0.51.

Polygon Ecosystem Token indicator analysis

Polygon is expected to rise as the price bars are higher than the moving average lines. The moving average lines are sloping upwards but remain below the price bars. Polygon is trading in the oversold area of the market. Upside momentum is being held back by resistance at $0.60.

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 recovered from its slump and is trading in the bullish trend zone. However, positive momentum will only start when buyers break above the $0.60 resistance. 

On the daily chart, POL is trading above the 50-day SMA but below the $0.60 resistance level. The altcoin will fluctuate between these levels for a few more days before resuming its trend.

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.