The latest price analysis by Coinidol.com report, the price of Polygon’s Ecosystem Token (POL) has resumed selling pressure after being halted by resistance at $0.50.
Polygon Ecosystem Token price long term prediction: bearish
Since December 19, Polygon has been trading sideways above the $0.45 support but below the 50-day SMA resistance. The cryptocurrency will trend if it breaks the 50-day SMA resistance and the $0.45 support. Today, POL is slipping as it approaches the critical support of $0.45. If the current support is broken, the altcoin will drop to $0.41. The downtrend will continue to the expected price of the 2.0 Fibonacci extension or $0.27. In the meantime, the altcoin is hovering above the critical support level of $0.45. POL is currently worth $0.466.
Polygon Ecosystem Token indicator analysis
The price bars are below the downward sloping moving average lines. The 21-day SMA is about to fall below the 50-day SMA. This will lead to a bearish crossover and further reduce the value of the altcoin. On the 4-hour chart, the price bars have fallen below the horizontal moving average lines. Meanwhile, Polygon has started its downtrend.
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?
Polygon is falling as it reaches the key support of $0.45. The altcoin is on the verge of reaching its previous low of $0.41. However, if the bears break below the $0.41 support level, the altcoin will plunge lower. Meanwhile, the altcoin is trading within its limited range.
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-begins-descent-0-41/