Polygon’s Ecosystem Token (POL) has recently seen a decline in price, falling below the moving average lines on December 19. Analysts at Coinidol.com predict a bearish trend in the long term for POL, with the altcoin potentially falling even further in the coming days.
Currently, POL is correcting upwards as it nears the 50-day SMA. However, if buyers are unable to maintain the price above this level, selling pressure may increase. After a decline on December 9, POL saw a correction higher and tested the 50% Fibonacci retracement level, suggesting a potential fall to $0.27. As of now, POL is priced at $0.50.
Technical analysis shows that after the breakdown on December 19, POL’s price bars have fallen below the moving average lines. Additionally, the 4-hour chart indicates that the cryptocurrency is trading in a range, with moving average lines trending downwards, signaling a potential downturn.
In terms of support and resistance levels, POL faces resistance at $1.20, $1.30, and $1.40, while support levels are seen at $0.60, $0.40, and $0.30. The next steps for Polygon Ecosystem Token remain uncertain, with indicators suggesting a further decline if buyers are unable to sustain the price above the 50-day SMA.
It’s important to note that this analysis and forecast are based on personal opinions and should not be taken as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their research before making any investment decisions. Coinidol.com does not endorse any specific actions based on this forecast.
