The Polygon Ecosystem Token (POL) worth has reached a bearish exhaustion and has dropped to a low of $0.34.
Polygon Ecosystem Token worth long run prediction: bearish
On August 5, as reported by Coinidol.com beforehand, the bulls bought the dips and started an uptrend. The worth of the cryptocurrency rose because the bulls halted the dip above the help degree of $0.38. The worth indication predicts a possible decline and reversal above the $0.40 help. At the moment, POL is buying and selling above the $0.38 help however under the shifting common traces.
The uptrend will begin as soon as the worth rises above the shifting averages. The bullish momentum will proceed to the earlier highs of $0.70 and $0.80.
On the draw back, additional declines within the cryptocurrency appear unlikely because the market approaches oversold territory. POL is now value $0.44.
Polygon Ecosystem Token indicator evaluation
On the every day chart, the worth of the cryptocurrency has risen above the 21-day SMA however stays under the 50-day SMA. The bullish momentum is predicted to succeed in or exceed the 50-day SMA. If the cryptocurrency doesn’t break above the 50-day SMA, will probably be trapped between the shifting common traces. The worth of the cryptocurrency will fluctuate between the shifting common traces for just a few days.
Nonetheless, Polygon’s uptrend will resume as soon as it breaks above the 50-day SMA.
Technical Indicators
Resistance Ranges: $1.20, $1.30, $1.40
Assist Ranges: $0.60, $0.40, $0.30
What’s the subsequent step for Polygon Ecosystem Token?
Polygon has regained optimistic momentum after crossing the 21-day SMA on the every day chart. The altcoin has damaged out of its present vary of $0.38 to under the 21-day SMA and is now correcting upwards. On the upside, the altcoin is encountering resistance at its excessive of $0.50. As soon as the $0.50 resistance degree is damaged, the altcoin will resume its uptrend.
Disclaimer. This evaluation and forecast are the private opinions of the writer. They don’t seem to be a suggestion to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol.com. Readers ought to do their analysis earlier than investing in funds.