The Polygon Ecosystem Token (POL) is rising after finding support above the $0.16 level.
Polygon Ecosystem Token price long-term prediction: bearish
Since May 30, the cryptocurrency has been trading in the downtrend zone. Buyers failed to push the price above the moving average lines. The decline has moderated above the support level of $0.162 and POL has resumed its uptrend. The bullish momentum is expected to break above the moving average lines and reach a high of $0.214. Further upside for the cryptocurrency is unlikely as it could be rejected at the $0.22 threshold.
However, if the altcoin falls below the 21-day SMA threshold, the bullish scenario will be negated. Polygon will continue to move above the $0.16 support but below the moving average lines. Polygon is currently trading at $0.183.
POL price indicators analysis
The price bars are moving up below the moving average lines. POL will continue to rise if it breaks above the 21-day SMA. Bullish momentum is likely to reach a high at the 50-day SMA. On the 4-hour chart, the price bars are above the moving average lines, indicating that the value of the cryptocurrency could rise.
Technical IndicatorsÂ
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 moving upwards into the uptrend zone. The uptrend has hit an early obstacle at the high of $0.1927. The 4-hour chart shows that POL has retraced above the moving average lines. If the altcoin holds its position above the moving average lines, the uptrend will resume. The altcoin will reach a high of $0.214 if its value rises.
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.
