Polygon Ecosystem Token (POL) Price Prediction 2022: Will POL Recover?

Polygon Ecosystem Token (POL) has dropped to $0.277, the expected price level of the 2.0 Fibonacci expansion. Cryptocurrency price analysis brought by Coinidol.com.

Cryptocurrency price analysis brought by Coinidol.com.

Polygon Ecosystem Token (POL) dropped to $0.277, which is the expected price level of the Fibonacci expansion 2.0.

Polygon Ecosystem Token price long term prediction: bearish

The altcoin reached a low of $0.244 before bouncing back up thanks to buying activity. The altcoin has reached the bottom of the chart. The crypto has reached the oversold zone of the market.

On the lower side, the crypto might not fall any further. The selling pressure is up and the cryptocurrency is trading above the $0.28 support level. The altcoin is trading below the moving average lines and above the $0.28 support. If POL breaks above the moving average lines, it will continue its uptrend. The current price of POL is $0.32 at the moment.

Analysis of the Polygon Ecosystem Token

The moving average lines are sloping down. The 21-day SMA is below the 50-day SMA on both charts. The price action is slowing down as Doji candlesticks are forming. The extended candlestick tail is forming above the $0.27 support level, indicating strong buying pressure at that level.

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 now at the bottom on the chart. The altcoin is trading below the moving average lines on the 4-hour chart but above the support of $0.28. The upside correction was rejected at the resistance of $0.34. The crypto price is now pulling back after being rejected from the recent high. The range-bound move could continue if the support at $0.28 holds.