Polygon’s Ecosystem Token (POL) continues to showcase its resilience amid ongoing negotiations between buyers and sellers. However, it faces a significant challenge as it encounters resistance at the $0.75 mark.
Coinidol.com’s price analysis indicates a sideways trend for Polygon, with the altcoin trading between $0.64 and $0.75 since April 13. The 50-day SMA and resistance at $0.75 have limited the altcoin’s upside potential, although support at $0.64 has provided some relief.
Despite briefly rallying and testing the 50-day SMA and $0.75 resistance on May 20, POL was unable to sustain a positive trend. As a result, the cryptocurrency has returned to its range between the moving average lines, currently priced at $0.72.
Polygon’s indicator analysis reveals a pullback between the moving average lines after being rejected at the 50-day SMA. Its price action has been impeded by the presence of doji candlesticks, causing fluctuations within this range.
The technical indicators highlight resistance levels at $1.20, $1.30, and $1.40, while support levels are at $0.60, $0.40, and $0.30.
Looking ahead, POL/USD appears to be consolidating near the bottom of the chart. Nevertheless, the presence of extended candlestick tails suggests significant buying pressure at lower prices. Although the bulls have successfully defended the existing support, the altcoin has struggled to maintain a position above the moving average lines. Currently trading within a limited range, a potential rally could be on the horizon for Polygon.
It’s important to note that the analysis and forecast provided are subjective opinions of the author and should not be considered as financial advice or an endorsement by CoinIdol.com. Readers are advised to conduct their own research before making any investment decisions.