Polygon Returns As It Remains Above Its $0.20 Low

The price of Polygon's Ecosystem Token (POL) has been at the bottom of the chart since its rejection at $0.276.

Polygon Ecosystem Token price long-term prediction: bearish

Buyers have not been able to sustain the positive momentum above the $0.28 level. A break above the $0.28 barrier will push the altcoin to a high of $0.35.

The cryptocurrency value has slipped below the 21-day SMA support as buyers failed to sustain strong momentum above the $0.28 high. If the altcoin falls back below the 50-day SMA support, the price will drop to $0.16.

In the meantime, POL has fallen and stalled above the $0.20 support. The altcoin will perform after the 21-day and 50-day SMA hurdles are breached.

Polygon Ecosystem Token indicator analysis

The price bars are located between the 21-day and 50-day moving averages. If Polygon breaks above the 21-day SMA, the price will start an uptrend. If the bears break the 50-day SMA, the cryptocurrency will fall to the bottom of the chart. Polygons remain horizontal, indicating a sideways trend.

Technical Indicators 

Resistance Levels: $1.20, $1.30, $1.40

Support Levels: $0.60, $0.40, $0.30

What is the next move for the Polygon Ecosystem Token?

Polyggon has fallen below the moving average lines on the 4-hour chart. The altcoin is likely to fall further as long as it remains below the moving average lines. Polygon is currently making a series of lower highs and lower lows. The altcoin is declining and approaching the previous low of $0.21.

Coinidol.com reported on May 8, that after the rise, the altcoin will retest the resistance level at $0.26. POL was  trading at $0.216. 

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.