Price analysis by CryptoGuestPosts. The price of Polygon’s Ecosystem Token has dropped to the bottom of chart. CryptoGuestPosts provides a price analysis.

Polygon Ecosystem Token long-term price forecast: bearish

POL reached a low of $0.335 on 5 August, reaching the oversold region of the market. Bulls have already purchased the dips, as altcoins correct higher. The cryptocurrency is unlikely to continue its downward trend. A retraced candles tested the Fibonacci line of 78.6% during the price drop on April 8.

POL is declining, but then reverses at the Fibonacci Extension level of $0.406 or $1.272. According to price activity, altcoins reached a low point of $0.335 and then rebounded. POL currently has a value of $0.42 as I write this.

POL Indicator Analysis

POL is in a bearish fatigue as the price bars are still below the moving-average lines following the pullback. On August 5, the large candlestick tail indicates strong buying pressure near the $0.335 resistance. Doji candlesticks are slowing down the price movement.

Technical Indicators

Resistance Levels: $1.20 $1.30 $1.40

Support Levels: $0.60, $0.40, $0.30

What's the next step for POL

Polygon is currently trading in a range. On August 5, the fall stopped above the $0.38 level of support. The altcoin oscillates between the $0.38 support level and the moving-average lines. The uptrend has hit a resistance level of $0.43. POL's uptrend will resume once it breaks over the moving average lines.

Disclaimer. Disclaimer. This analysis and forecast is the personal opinion of the author. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.