The downside momentum broke through the current support level of $0.64 and reached a low of $0.62. Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token price long term prediction: bearish

Polygon’s Ecosystem Token (POL) is in decline below the moving average lines. On June 6, the price of the cryptocurrency broke above the moving average lines but was halted at a high of $0.73. On June 7, POL came under selling pressure near the recent high and the altcoin quickly dropped below the moving average lines. On the downside, the altcoin will reach the previous low of $0.59 if the downside momentum continues. The rally will continue if the bulls have bought the dips at the low of $0.59. The altcoin is worth $0.61 at the time of writing.

Polygon Ecosystem Token indicator analysis

The cryptocurrency is dropping below the horizontal moving average lines. Both the daily and four-hour charts show a bearish crossover. The 21-day SMA has crossed below the 50-day SMA, which is a sell signal. POL is trading in the overbought zone of the market.

Technical indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What is the next move for Polygon Ecosystem Token?

Polygon is in a downtrend and is approaching the previous low of $0.59 at the bottom of the chart. The altcoin is approaching the previous low of $0.59. In the recent price action, the bulls bought the dips as the altcoin fell to the low of $0.59. The cryptocurrency value corrected upwards but was halted at the high of $0.75. Later, the altcoin starts a sideways trend below the recent high. The coin will regain an uptrend if the resistance at $0.75 is broken.

As we reported on June 5, if the buyers break the resistance at $0.75 to the upside, the altcoin will resume its positive trend. Polygon will rise to a high of $1.00. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/polygon-reaches-lowest-price-point/