Polygon Remains Static As It Consolidates Above $0.45

Polygon Ecosystem Token (POL) price has consolidated above the $0.45 support line but below the moving averages. The presence of doji candlesticks has reduced the selling pressure above the $0.45 support level.

Polygon Ecosystem Token price long term prediction: ranging

On the downside, POL will continue its slide if the $0.45 support is broken and the market will fall above the $0.41 level. POL will fall further to the 2.0 Fibonacci extension or $0.277 if support at $0.45 is broken. 

In contrast, the sideways movement will continue as long as the current support level of $0.45 holds.  On the upside, POL will resume its uptrend once it rises above the moving average lines. The market will return to its previous high of $0.63.

Polygon Ecosystem Token indicator analysis 

The daily chart shows moving average lines running horizontally and above the price bars, indicating a sideways trend. The price action is dominated by doji candlesticks, causing the price to remain above the $0.45 support level. 

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What's next for Polygon Ecosystem Token? 

On the 4-hour chart, Polygon is trading in a tight range above the $0.44 support and below the moving resistance lines at $0.45. 

Selling pressure has persisted above the current support, with protruding long candle tails indicating this. The protruding long tails indicate significant buying pressure at lower prices.

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.