The price of Polygon’s Ecosystem Token (POL) has been at the bottom of the chart since its rejection at $0.276.
Polygon Ecosystem Token price long-term prediction: bearish
XRP’s upward climb stalls, trapped below the $0.28 ceiling. Shatter this resistance, and the bulls could stampede toward $0.35.
The bullish hopes in the crypto space have just received a severe blow as it has dropped under the crucial 21-day SMA. The $0.28 mark was too strong for bulls, and now the bears are setting their eyes on the 50-day SMA as their next battleground. Once that breaks, the price might quickly plunge to $0.16. Is this a dip to buy or the beginning of something worse?
A bearish undertow is pulling POL just above $0.20. The fact that the price maintains itself there should not give one any encouragement! The altcoin is coiled and will spring. Watch for a breakout at the 21- and 50-day SMA as a succesful breakout from these may trigger the next bullish surge.
Polygon Ecosystem Token indicator analysis
Polygon price is caught between the tug of war of the 21-day and 50-day moving averages. A breakout above the 21-day SMA would probably cause an uptrend to take hold, further catapulting Polygon into the sky. In the event however, the bears breach the 50-day SMA, it would swiftly fall down to the bottom of the charts. As of now, Polygon is sitting in neutral, indicating a sideways shuffle.
Technical Indicators
Resistance Levels: $1.20, $1.30, $1.4 0
Support Levels: $0.60, $0.40, $0.30
What is the next move for the Polygon Ecosystem Token?
4-hour timeframe displays a red candle below the key moving averages, signifying a potential descent. The aggressive sell-off proceeds with MATIC carving lower highs and lower lows on the chart, endorsing the bearish trend. Attention now shifts fully onto the $0.21 manually drawn support level. Will it bump the currency up, or will Polygon sink further into unknowns?
POL, last traded at $0.216, now has a greater target in its arsenal. Coinidol.com had implied that resistance at $0.26 could possibly be retested, thereby suggesting it would be going up since its recent rise. Will POL continue defying all expectations and make the breakthrough?
Thanks for reading Polygon Returns As It Remains Above Its $020 Low
