Polygon Stabilizes Above $0.35 As It Reaches Bearish Exhaustion

The price of Polygon's Ecosystem Token (POL) has stabilized above the low of $0.33. Nonetheless, the bulls bought the dips and started a sideways trend.

The altcoin has moved above the $0.33 support and below $0.60 over the past month.

Polygon Ecosystem Token price long term prediction: fluctuation

Today, the price of the cryptocurrency has slipped below the moving average lines after coming under selling pressure at a high of $0.60. POL is stabilizing above the $0.35 support but faces a rejection from the moving average lines. Doji candlesticks have halted the price rise above the current support of $0.35. If the bears break the current support, the altcoin will fall back to its low of $0.33. A breakout above the moving average lines will take the altcoin to its previous high of $0.60. 

Today POL is worth $0.379.

Polygon Ecosystem Token indicator analysis

The price bars were below the moving average lines when the uptrend ended at a high of $0.60. The price movement was capped by the Doji candlesticks, which show traders' uncertainty about the direction of the market. In addition, the altcoin is trading in a bearish trend zone.

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 is currently in a sideways trend as the altcoin enters the oversold zone of the market. If the support level of $0.33 holds, the positive trend of the altcoin will continue. The altcoin is currently trading in a narrow range between the support level of $0.35 and the moving average lines. The altcoin has reached the oversold level. Once the altcoin breaks above the moving average lines, it will start a new trend.

Coinidol.com reported on September 8 that the upward move of POL could face resistance at the moving average lines or at the high of $0.44.  

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.