Polygon’s Ecosystem Token (POL) price continues to fall below moving average lines.
Polygon Ecosystem Token price long-term prediction: bearish
The price of the cryptocurrency has fallen to $0.198. If the downtrend continues, the altcoin will fall to its lowest price of $0.161.
POL is currently trading above the $0.19 support but below the moving average lines. The bears on the downside are trying to break the $0.19 support. The cryptocurrency will continue to fall until it hits the bottom of the chart if the current support is broken, but POL will have to move in a range if the $0.19 support holds. The altcoin will move between the support at $0.19 and below the resistance at $0.28.
POL price indicators analysis
The price bars are below the moving average lines as the cryptocurrency approaches the bottom of the chart. The price movement is currently being held back by the Doji candlestick, which is used to characterise the price bars. The moving average lines, which run horizontally, are located at the bottom of the chart.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What is the next step for the Polygon Ecosystem Token?
Polygon is traded at the bottom of the chart. The altcoin is moving below the resistance at $0.24 and between the support at $0.19 on the 4-hour chart. The bears have already tried three times to break the $0.19 support but failed. The Polygon will fall if the $0.19 support 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.
Source: https://coinidol.com/pol-hovers-above/