Polygon Slumps But Triggers Another Range Above $0.30

The price of Polygon's Ecosystem Token (POL, ex MATIC) has fallen even lower, breaking through the $0.35 support. POL fell to a low of $0.30, triggering another range move.

Polygon Ecosystem Token price long-term prediction: bearish

Currently, the altcoin is trading above the $0.30 support but below the moving averages. The bears are still testing the current level to resume the cryptocurrency's downtrend. Should the bears succeed, the market will drop to a low of $0.28. POL is at $0.31 at this point.

Polygon Ecosystem Token indicator analysis

The 21-day and 50-day moving average SMA lines are sloping south, indicating a downtrend. The cryptocurrency value will fall if the price bars are below the moving average lines. The price movement was delayed by the presence of doji candlesticks.

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?

POL has fallen dramatically into negative territory on the 4-hour chart. The selling pressure will continue if the price falls below the current support level of $0.30. On the other hand, the uptrend will resume if the price breaks above the 21-day SMA and stays there.

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.