Polygon Stops At $0.55 And Continues To Move Sideways

The price of Polygon's Ecosystem Token (POL) has been trapped between moving average lines since bulls bought the dip at the low of $0.43 on July 5.

The bullish momentum crossed the 21-day SMA twice before getting trapped between the moving average lines.

Polygon Ecosystem Token price long-term prediction: bearish

The altcoin is the moving average line for the last five days. The cryptocurrency is now worth $0.53 at the time of writing. The altcoin will rise to a maximum of $0.75 if it breaks through the 50-day SMA barrier. Conversely, Polygon will fall if the bears break the current support at the 21-day SMA. The altcoin will fall to a low of $0.46.

Analysis of the POL indicator

The POL price bars have been between the moving average lines for the past five days. When the moving averages are broken, the altcoin will show a trend. On the 4-hour chart, the price bars are below the moving average, indicating the possibility of a decline in Polygon.

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?

Polygon's upward correction has stalled at $0.55 or the 50-day SMA resistance. The cryptocurrency has been capped at its recent high due to resistance. The altcoin is slipping as it approaches the 21-day SMA support on the daily chart. At this current support level, the cryptocurrency risks a drop to $0.46 if the bears make a breakout.

On July 14, the bulls broke through the 21-day SMA but were rejected again. The cryptocurrency remained stuck between the moving average lines for three days before being pushed back, as reported by Coinidol.com. 

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.