The price recovery of Polygon’s Ecosystem Token (POL) has failed due to selling pressure as it peaked at $0.265.
Polygon Ecosystem Token price long-term prediction: bearish
On April 8, the altcoin rose above the $0.161 support and moving average lines, as Coinidol..com wrote before.
However, the inability of buyers to sustain the bullish momentum above the $0.26 peak led to a decline. POL is now above the 50-day SMA support but below the 21-day SMA. If the bears break below the 50-day SMA, Polygon will drop to the lowest price of $0.161.
On the other hand, if the cryptocurrency breaks through the 21-day SMA barrier, it will rise again. After the rise, the altcoin will retest the resistance level at $0.26. POL is currently trading at $0.216.
Polygon Ecosystem Token indicator analysis
The moving average lines are horizontal at the bottom of the chart. It is possible for the cryptocurrency to move in a range as the price bars are located between the moving average lines.
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 is on the rise. The price of cryptocurrencies needs to break above the 21-day SMA to return to its uptrend on the daily chart. The sideways movement will continue if the altcoin encounters rejection at the 21-day SMA and the 50-day SMA support. In the meantime, the POL price is steadily rising.
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.
