The price of Polygon’s Ecosystem Token (POL) is rising after hitting a low above the $0.30 support.
Polygon Ecosystem Token price long term prediction: bearish
Since October 25, the bulls have defended the $0.30 support. On November 4, the bears broke below the $0.30 support and hit a low of $0.28.
However, the bulls bought the dips and started an upside correction. The bulls have broken the 21-day SMA, but buyers are struggling to maintain bullish momentum above the moving average lines. If the buyers are successful, POL will surpass the 50-day SMA or the $0.38 high.
On the other hand, the cryptocurrency will rise but remain trapped between the moving average lines. POL price is $0.34 at the time of writing, according to Coinidol.com.
POL indicator analysis
The polygon is moving upwards after breaking above the 21-day SMA resistance. If the positive momentum continues, POL will reach its 50-day SMA high.
If the price breaks above the moving average lines, the altcoin will resume its upward trend. In the meantime, the moving averages are trending south.
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?
On the 4-hour chart, POL has risen above the moving average lines and reached the high of $0.35. The altcoin is approaching the next resistance at $0.38. The upward movement of the price is slowed down by the resistance at $0.38. The uptrend will continue once the resistance at $0.38 is overcome.
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.
Source: https://coinidol.com/polygon-recovers-and-aims/