The Future of Polygon’s Ecosystem Token (POL)
As a crypto enthusiast, you may be wondering about the future of Polygon’s Ecosystem Token (POL) after a recent price drop on June 18. Let’s take a closer look at the long-term forecast and indicator analysis to understand where POL is headed next.
Polygon Ecosystem Token Long-Term Forecast π
On June 18, the price of Polygon dipped to $0.52 before making a recovery. The altcoin has been trading around the $0.52 support level and below the moving average lines. However, a significant candlestick body on April 13 tested the 78.6% Fibonacci retracement line, indicating a potential further drop to $0.41 or the 1.272 Fibonacci extension level. Currently, Polygon is valued at $0.55.
Polygon Ecosystem Token Indicator Analysis π
The 4-hour chart of Polygon displays price bars fluctuating below and above the downward sloping moving average lines, with doji candlesticks causing delays in price movements. The 21-day SMA acts as a resistance for these moving average lines.
Technical Indicators
- Resistance levels: $1.20, $1.30, $1.40
- Support levels: $0.60, $0.40, $0.30
The Next Steps for Polygon Ecosystem Token π
Examining the 4-hour chart of Polygon reveals a price range of $0.52 to $0.58, with doji candlesticks dominating the price bars as the altcoin moves within this range. It is vital to monitor if the current support level holds, as a breach could lead to a decline in value for Polygon.
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