The price of Polygon's Ecosystem Token (POL, ex MATIC) has fallen even lower, breaking through the $0.35 support.
The price of Polygon's Ecosystem Token (POL, ex MATIC) continues to decline, falling below the $0.35 support. This move has brought POL to a low of $0.30, setting the stage for another range play.
From the price analysis, we can observe that the bears are attempting to gain control at the current level to resume the cryptocurrency's downtrend. If successful, the market could witness a decline to a low of $0.28. At the time of writing, POL is trading at $0.31.
A closer look at the technical indicators reveals that the 21-day and 50-day moving average (SMA) lines are sloping south, indicating a downtrend. As long as the price bars are below the moving average lines, the value of the cryptocurrency will continue to decrease. However, the presence of doji candlesticks is stalling the price movement.
Resistance Levels: $1.20, $1.30, $1.40
Support Levels: $0.60, $0.40, $0.30
What's Next for Polygon Ecosystem Token?
On the 4-hour chart, POL has slipped into a strong bearish zone. If the price drops below the current support of $0.30, the selling pressure will intensify. On the other hand, if the price manages to break above the 21-day SMA and sustains above it, the uptrend will likely resume.
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