Polygon Breaks Above $0.30 But Starts To Rise Within The Range

The price of the Polygon Ecosystem Token (POL) has dropped significantly and is trading at the bottom of its chart.

Polygon Ecosystem Token price long-term forecast: bearish

The cryptocurrency value has fallen again to a low of $0.306. The altcoin was trading between $0.36 and $0.38 before the bears broke through the lower price level.

POL fell to a low of $0.306 but recovered. The altcoin has slipped to a new range of $0.30 to $0.36. Polygon is correcting upwards as it recovers. The altcoin will continue a positive trend if it breaks above the 21-day SMA or resistance at $0.36. 

POL will rise above the moving average lines or the high at $0.38. However, if the currency falls below the high of $0.36, it will fall further. It will fall back to the previous low of $0.30. Polygon is currently worth $0.329.

Polygon Ecosystem Token indicator analysis

 The price bars are still below the moving average lines. Moreover, the 21-day SMA is below the 50-day SMA, indicating a bearish crossover. The altcoin will continue to fall until the price bars are above the moving average lines. Doji candlesticks formed on October 1, delaying the downtrend by three weeks.

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?

On the 4-hour chart, POL has started selling after breaking below the $0.36 support. The altcoin has hit a new low of $0.30, but the bulls have bought the dips to start a rally within the range. The altcoin is stabilizing above $0.32 after pulling back from its recent low. The slide will begin if the bears break the $0.30 level.

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.