Polygon’s Ecosystem Token (POL) has started to experience additional selling pressure after failing to hold above the $0.20 support level.
Polygon Ecosystem Token price long-term Prediction: bearish
The bears have hit a low of $0.151 after breaking below the $0.20 support. The bulls have been buying the dips as the altcoin remains above the $0.15 support.
On the downside, Polygon has seen a sharp decline after falling above the $0.29 low. The bearish momentum could continue down to $0.10. At the time of writing, the coin is worth $0.159.
POL indicator analysis
The 21-day SMA is the resistance line of the price bars, even if the price bars are below the moving average lines. Doji candlesticks have dominated the price action as the altcoin continues to trend gradually lower. POL is now in the oversold territory of the market.
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 chart, Polygon is trading at the bottom. The altcoin has seen a sharp decline as it approaches its previous low of $0.10.
The market is currently at a low of $0.159, and the bears continue to drive the cryptocurrency lower. Bearish fatigue has set in for the altcoin. The oversold area is where buyers are most likely to emerge.
Since March 10, as reported by Coinidol.com, the altcoin has been trading above the $0.19 support but below the moving average lines and resistance at $0.24.
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-loses-the-low/