Polygon’s Ecosystem Token (POL) has halted its decline above the $0.15 support.
Polygon Ecosystem Token price long-term prediction: bearish
The altcoin rallied on April 9 and stopped below $0.20 or the 21-day SMA on the daily chart, as reported by Coinidol.com. Over the past week, the price has steadily moved below the 21-day SMA. POL’s uptrend will continue if it breaks above the 21-day SMA barrier. The upside momentum will approach the resistance at $0.24. After breaking through the $0.24 barrier, the altcoin will start to gain momentum. POL is expected to reach its high at $0.30.
In contrast, POL will trade above the $0.16 support but below the 21-day SMA barrier if it breaks down from the 21-day SMA barrier. POL is now at $0.1841.
POL indicator analysis
The 50-day and 21-day SMA have fallen sharply to the bottom of the chart. The price has fallen beyond the lowest point due to the bears. The price bars are stagnating below the moving average lines due to the presence of doji candlesticks.
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?
The polygon is located at the bottom of the chart. The initial obstacle at $0.20 is currently hindering the uptrend after the cryptocurrency fell to a new low price level. Since April 7, POL has been in a sideways movement due to the initial obstacle at $0.20. The altcoin will move higher once the first barrier is broken.
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.
