The Price of Polygon’s Ecosystem Token (POL) Has Recovered
The price of Polygon’s Ecosystem Token (POL) has recently experienced a recovery after a slight drop on July 5th, when the altcoin fell to a low of $0.43. Throughout the past week, POL has been trading below the moving average lines but has managed to stay above the $0.47 support level.
Polygon Ecosystem Token Long-Term Price Prediction: Bearish Outlook
On July 14th, the bulls made an attempt to break through the 21-day SMA but were unsuccessful and faced rejection. The cryptocurrency remained trapped between the moving average lines for three days before experiencing a pushback. Currently, Polygon is trading below the 21-day SMA barrier and is hovering around the $0.47 support level. If the altcoin manages to breach the 21-day SMA resistance, there is a potential for a price increase, with bullish momentum continuing towards the high of the 50-day SMA.
- The altcoin may find itself stuck between the moving average lines if it encounters resistance at $0.55, with POL/USD currently valued at $0.51.
Polygon Ecosystem Token Indicator Analysis
After getting trapped between the moving average lines and falling below them, the price bars of the altcoin have managed to climb back above the $0.50 support level, signaling a resumption of the uptrend. However, the uptrend is currently being hindered by the 21-day SMA.
Technical Indicators
- Resistance Levels: $1.20, $1.30, $1.40
- Support Levels: $0.60, $0.40, $0.30
What’s in Store for the Polygon Ecosystem Token?
On the 4-hour chart, POL has fallen below the moving average lines. Despite this decline, the altcoin’s downward momentum has eased above the $0.50 support level and is now showing signs of an upward trend. However, if the bears manage to break above the current support level of $0.50, selling pressure is likely to increase, leading to a continuation of the market’s decline towards previous lows of $0.47 and $0.43.
The price of POL had dropped to a low of $0.43 on July 5th, as reported previously.
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