The latest price analysis indicates that the Polygon Ecosystem Token (POL) is facing increasing selling pressure, particularly after hitting resistance at $0.50.
Currently, Polygon’s price prediction points towards a bearish trend. Since December 19, POL has been trading sideways, fluctuating between support at $0.45 and resistance from the 50-day SMA. With the current trend, if the token fails to maintain this support, it is likely to drop further to $0.41. Should that support break, we could see a downtrend extending towards the 2.0 Fibonacci extension at approximately $0.27. As of now, POL is hovering precariously around $0.466.
Taking a closer look at the indicator analysis, the price bars remain below the downward-sloping moving average lines. The 21-day SMA is poised to fall below the 50-day SMA, indicating an impending bearish crossover, which may push the token’s value down even more. The 4-hour chart shows that the price bars are already situated below the horizontal moving average lines, underscoring that Polygon is on a downward trajectory.
Technical indicators reveal key metrics that could impact trading decisions. Resistance levels to watch are $1.20, $1.30, and $1.40, while support levels are set at $0.60, $0.40, and $0.30.
So, what lies ahead for the Polygon Ecosystem Token? As it nears the significant support line of $0.45, there’s a palpable tension in the market as bulls and bears vie for control. If the bearish momentum prevails and POL dips below the $0.41 support level, we could witness significant decline—making it crucial for traders and investors to stay updated.
In summary, while there is always a glimmer of hope in the crypto world, the indicators here paint a rather bleak picture for Polygon. As always, it’s wise for anyone looking to invest to do thorough research and proceed with caution.
