Polygon Starts To Rise But Hits The $0.75 Barrier

Jun 05, 2024 at 18:50 // Price
Coin Idol

Polygon's Ecosystem Token (POL) is still trading in a price range of $0.64 to $0.75. The cryptocurrency is recovering from its recent drop and is trading at the lower end of the chart.

POL price long-term forecast: ranging

If the buyers break the resistance at $0.75 to the upside, the altcoin will resume its positive trend. Polygon will rise to a high of $1.00. Today, the altcoin is trading at $0.71 after recovering from the $0.68 support. On the downside, the bulls are defending the current support at $0.64. The bulls will buy the dips every time the altcoin falls to its previous low of $0.64.

Polygon Ecosystem Token indicator analysis

The price of the cryptocurrency rose above the moving average lines but was halted by the 21-day SMA. According to the report by Coinidol.com, since June 2, POL traded below the moving average lines before recovering. The moving average lines are still sloping horizontally, indicating a sideways movement.

Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

POLUSD_( Daily Chart) -June 5.jpg

What's next for the Polygon Ecosystem Token?

On the 4-hour chart, the price bars are above the moving average lines as the altcoin starts to rise. The upward movement has been slowed by resistance at $0.75. Since April 15, buyers have not yet managed to break through the barrier at $0.75. Polygon will continue to trade at the bottom of the chart until the resistance at $0.75 is broken.

POLUSD_( 4-hour Chart) -June 5.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.

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