The post Polygon (POL) Token Establishes $0.30-$0.36 Trading Range After Dip appeared on BitcoinEthereumNews.com.

TLDR Polygon (POL) currently trading at $0.329 after dropping to $0.306 New trading range established between $0.30 and $0.36 Technical indicators show bearish trend with 21-day SMA below 50-day SMA Key resistance level at $0.36, support at $0.30 Bulls attempting recovery above $0.32 after recent dip Polygon’s native token (POL) has established a new trading range between $0.30 and $0.36, marking a shift from its previous trading zone. The cryptocurrency, currently valued at $0.329, recently tested lower levels before showing signs of recovery within this newly defined range. The price action began when POL broke below its previous trading range of $0.36 to $0.38. This movement triggered a cascade that pushed the token to test support at $0.306, a level that has since become crucial for traders watching the asset’s performance. Technical indicators paint a clear picture of the current market structure. The 21-day Simple Moving Average (SMA) remains positioned below the 50-day SMA, creating what traders typically refer to as a bearish crossover. This technical formation suggests continued downward pressure on the asset’s price. Looking at the daily chart, price bars continue to trade below both moving average lines, reinforcing the bearish sentiment in the market. However, the formation of Doji candlesticks on October 1 introduced a brief pause in the downward momentum, effectively delaying the downtrend for approximately three weeks. The 4-hour timeframe reveals more detailed price action, showing how sellers gained control after breaking below the $0.36 support level. This breakdown led to the current situation where bulls are attempting to establish control above the $0.32 level. Recovery efforts are currently underway, with buyers stepping in at lower levels to initiate upward momentum. The price has shown some stability above $0.32, indicating potential buyer interest at these levels. However, the market remains sensitive to selling pressure. POL…

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Filed under: News - @ October 28, 2024 10:20 am