Polygon Price May Reduce Further

An increase in Bears’ pressure envisaged

Polygon (POL) Price Analysis – 05 August

After breaking through the $0.35 barrier, Polygon Ecosystem Token might be able to go on to the $0.30 and $0.25 difficulty levels. If buyers are able to gain some momentum, the market may be able to break through the $0.43 resistance level and expose itself to the $0.47 and $0.52 levels.

Key Levels:

Resistance levels: $0.43, $0.47, $0.52

Support levels: $0.35, $0.30, $0.25

POL/USD Long-term Trend: Bearish

For POL/USD, the long-term prognosis is negative. The sell-off that started on June 07 has caused a decline in the value of cryptocurrencies. This occurred after the contestants’ match, at the $1.27 mark. After a three-week cost reduction, the final sum is $0.35. Customers are stopping further market downturns. Bears held onto the level that was highlighted recently. At the moment, the coin is testing the support level of $0.35.

When POL is trading below the Hull Suite crypto signals indicator, bears are in control of the market. After breaking through the $0.35 barrier, Polygon Ecosystem Token might be able to go on to the $0.30 and $0.25 difficulty levels. If buyers are able to gain some momentum, the market may be able to break through the $0.43 resistance level and expose itself to the $0.47 and $0.52 levels.

POL/USD Short-term Trend: Bearish

A polygon’s 4-hour declination is shown. The price action that took place the previous week around the $0.57 level resulted in the formation of a tiny double top chart pattern on the 4-hour time scale. The decreasing trend appears to be here to stay. The trend is heading lower toward the $0.35 line, which may mark the end of the negative period, despite the resistance of sellers.

Given that Polygon is now less expensive than Hull Suite, a price decrease is logical. A potential selling opportunity may be detected if the QQE MOD indicator has a value lower than zero.

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