Polygon Is Trading In A Narrow Range Above $0.20

The price of Polygon’s Ecosystem Token (POL) is currently slipping below the moving average lines, reaching as low as $0.20.

Polygon Ecosystem Token price long-term prediction: bearish

POL bounced back above the moving average lines in the last price action but failed three attempts to break above the $0.26 barrier. POL is currently hovering between support at $0.20 and resistance below the $0.26 level. POL is currently trading in a range between support at $0.20 and resistance at $0.26.

After a recent dip, the price of the cryptocurrency is consolidating above the support of $0.20. The altcoin will fall further if the current support is broken and lows of $0.17 and $0.16 are reached. If the current support holds, the cryptocurrency will trade in a limited range of $0.20 and below the moving average lines. Polygon is now worth $0.214.

POL price indicators analysis

The price bars are below the moving average lines after the drop on 30 May. The decline has slowed above $0.20.

The price bars are between the moving average lines on the 4-hour chart. Doji candlestick dominance was used to describe the price movement. In other words, the doji candlesticks will keep the price of the cryptocurrency unchanged.

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?

The bearish trend zone was reached by Polygon. Since 31 May, selling pressure has stagnated above the $0.20 support but below the $0.22 barrier.

The price movement has remained stable and within a narrow range due to the doji candle. POL will move between the price levels of $0.20 and $0.26 in the meantime.

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.