The price of the Polygon ecosystem token (POL, ex MATIC) fell even lower, breaking through support at $0.35. POL fell to a low of $0.30, sparking another range move.
Long-term Polygon Ecosystem token price forecast: bearish
The altcoin is currently trading above the $0.30 support but below its moving averages. Bears are still testing the current level to resume the downward trend of the cryptocurrency. If the bears succeed, the market will fall to a low of $0.28. The current price of POL is $0.31.
Analysis of the Polygon Ecosystem Token indicator
The 21-day and 50-day SMA lines are sloping south, indicating a downward trend. The value of the cryptocurrency will fall if the price bars are below the moving average lines. The price movement was delayed by the presence of Doji candles.
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?
POL fell sharply into negative territory on the 4-hour chart. Selling pressure will continue if the price falls below the current support level of $0.30. On the other hand, the uptrend will resume if the price breaks the 21-day SMA and stays there.
Disclaimer. This analysis and forecast are the personal opinion of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should conduct research before investing in the funds.
