Polygon Ecosystem Token (POL) Recovered Since the Price Dip on February 3 and Consolidated Above the $0.28 Low

Polygon's Ecosystem Token (POL) has recovered since the price dip on February 3 and consolidated above the $0.28 low, as reported by Coinidol.com.

Polygon's Ecosystem Token (POL) has shown some recovery from the price dip on February 3, consolidating above the $0.28 low.

According to the analysis by Coinidol.com, the uptrend has been stalled by resistance at $0.32 or the moving average lines. Price action is stagnant due to the presence of doji candlesticks. As a result, Polygon has reached bearish exhaustion as it trades at the bottom of the chart. A break above the 21-day SMA resistance will signal the resumption of the uptrend, with bullish momentum continuing to the high of the 50-day SMA barrier.

On the downside, the downtrend will resume once the $0.28 support is breached. In this case, POL will retest the previous low of $0.244. At the time of writing, the altcoin is valued at $0.292.

Doji candlesticks have taken command as price action consolidates above current support. These candlesticks represent the decisions that traders make about the direction of the market. The sideways trend is also indicated by the horizontal moving average lines on both charts.

Technical Indicators

Resistance Levels: $1.20, $1.30, $1.40

Support Levels: $0.60, $0.40, $0.30

What's next for Polygon Ecosystem Token?

The sideways trend has kept Polygon trading horizontally, with the direction of the market unclear to traders. However, the cryptocurrency asset will have a breakout if it continues to retest the 21-day SMA.

However, further declines are unlikely as Polygon's price has already reached its lowest point on the chart.