The price of Polygon’s Ecosystem Token (POL) has fallen below the 21-day SMA support, signaling the start of a decline to the bottom of the chart.
Polygon Ecosystem Token price long-term prediction: bearish
The cryptocurrency previously rallied above the moving average lines and reached $0.278, as reported by Coinidol.com.
However, the positive momentum stopped at the $0.27 barrier and the altcoin started to fall. The price of the cryptocurrency has fallen below the 21-day SMA support but is still above the 50-day SMA low. In other words, the POL is confined to the price range of $0.22 and $0.24.
If the boundaries of this range are breached, the altcoin will see an uptrend or a downtrend. POL is currently trading at $0.236 at the time of writing.
POL price indicators analysis
The horizontal moving average lines are sloping upwards, indicating an upward movement. Currently, the price bars are between the 50-day SMA support and the 21-day SMA barrier.
The price of the cryptocurrency has dropped after falling below and retesting the 21-day SMA support. The slide will continue when the downtrend breaks the 50-day SMA.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What is the next move for the Polygon Ecosystem Token?
Polygon’s price falls below the moving average lines after being rejected at the high of $0.278.
On the 4-hour chart, Polygon’s price has dropped below the moving average lines. The moving average lines have halted the uptrend. Polygon will resume its uptrend as soon as it breaks above the moving average lines.
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.
