Polygon (POL) Price Prediction: Bears Are Dominant
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Polygon (POL) Price Prediction: June 1
The bears in the Polygon market seem to have won control of the market. At this point, price action seems more predisposed to trend towards lower price levels. Even technical indicators reveal signs which suggest that prices may trend lower in the coming sessions.
POL/USDT Long-term Trend: Bearish (Daily Chart)
Key Levels:
Resistance Levels: $0.7000, $0.8000, and $0.9000
Support Levels: $0.6500, $0.6000, and $0.5500
The 50-day Exponential Moving Average (EMA) line has formed a strong resistance in this market. As a result, price action has turned south after attempting to break it. Price movement in the Polygon market fell below all the EMA lines during the past two sessions. Afterward, the downward momentum seems to have significantly reduced, considering the size of the more recent price candles. Also, we can see that the Stochastic Relative Strength Index (SRSI) lines have fallen deeper into the oversold region.
Polygon Price Prediction: How Low Can Prices Fall in the POL/USDT Market?
The 50-day EMA line has remained at a strong resistance level. This has prevented the market from advancing further upward. The market had rebounded downward after failing to break the resistance at the $0.7500 mark. At this point, price action has fallen below all the EMA lines, which signifies that bearish momentum may get stronger.
Additionally, the downward-moving line of the SRSI indicator affirms the prevalence of headwinds in this market. Therefore, from a technical point of view, one can assume that the bears are in control of the market and that price action may still descend lower.
POL/USDT Medium-term Trend: Polygon Bears Are Maintaining a Strong Stance (4H Chart)
In a 4-hour polygon market, it can be seen that this market maintains its allure for bear traders. Here, price candles can be seen appearing below all the EMA lines. Meanwhile, the price candle representing the ongoing session has a body size that suggests downward forces are of considerable strength.
Simultaneously, we can see that the SRSI indicator lines are rising, which is opposed to the prevalent trend in this market. At this point, the technical indicators here are divergent concerning the future direction of the market. Nevertheless, we can see that price activity is below the EMA lines. Consequently, this suggests that the market may at least test the $0.6800 price line as a support.
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