Polygon Rises At The Bottom Of The Chart, Targeting The High Of $0.215

Polygon's Ecosystem Token (POL) is rising in price after breaking above the 21-day SMA barrier.

Polygon Ecosystem Token price long-term prediction: bearish

POL has been moving sideways between the $0.165 support and below the 21-day SMA barrier. Since the cryptocurrency has broken above the 21-day SMA, it is poised to move higher on the upside of the 50-day SMA.

In other words, POL is expected to reach a high above $0.215 and break out of the downtrend zone if buyers keep the price above the moving average lines.

POL, currently trading at $0.19, could be stuck between the moving average lines for a few days if buyers are unable to break above the 50-day SMA barrier, but the positive momentum will continue to the high of $0.30.

POL price indicator analysis

POL is above the 21-day SMA but below the 50-day SMA after the recent rally. The trend will change if the price breaks the 50-day SMA barrier. This means that the altcoin must stay within its restricted range. Doji candlesticks are still a factor in the steady rise of the cryptocurrency price.

Technical Indicators 

Resistance Levels: $1.20, $1.30, $1.40

Support Levels: $0.60, $0.40, $0.30

What's the next move for POL?

Polygon makes a comeback from the bottom of the chart. The cryptocurrency value is rising from its lowest price of $0.157. The market has risen to a high of $0.1901 today. The price movement has been slow and modest at the bottom of the chart.

Coinidol.com reported on April 16 that Polygon's Ecosystem Token has halted its decline above the $0.15 support. 

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.