Polygon (POL) Price Prediction: POL/USDT Rebounds From Another Lower Support
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Polygon (POL) Price Prediction: July 7
Three sessions ago, price activity in the Polygon daily market rebounded off the support near the $0.4200 mark. This was precisely the $0.4248 price level. The rebound was moderate but lies below notable technical indicators at the moment.
POL/USDT Long-term Trend: Bearish (Daily Chart)
Key Price Levels:
Resistance Levels: $0.5000, $0.6000, and $0.7000
Support Levels: $0.4000, $0.3000, and $0.2000
As earlier mentioned, price action in the POL/USDT daily market has stepped lower in recent times. However, this resulted in a positive rebound but still lies below all the Exponential Moving Average (EMA) curves. Meanwhile, the current session, as of the time of writing, has presented a minimal downward correction to price movement. Nevertheless, the Stochastic Relative Strength Index (SRSI) lines have delivered a bullish crossover in the oversold region. Also, the ensuing lines of the indicator seem undeflected as they continue.
Polygon Price Prediction: POL/USDT Upside Bounce May Still Continue
Although the Polygon market has not presented much of an impressive performance lately, the recent bounce seems noticeable. Nevertheless, with price activity still below the EMA curves, it appears that even the recent upside correction may still be under threat from headwinds. Also, the last price candle here is showing that downward forces are already acting on price movement.
However, the seeming downward correction is still minimal, and the SRSI indicator lines are still moving as expected following the observed upside correction. Be that as it may, the position of the market still suggests that bears still have the chance to win over control of price movement.
POL/USDT Medium-term Trend: Polygon Downward Correction May Have Hit a Strong Support (4H Chart)
Coming to the Polygon market after 4+ hours, one can see a bit of different price movement. In this market time frame, price action can now be seen above the 20-day EMA lines. However, no sooner than price action surpassed this line did price movement start finding it was difficult to progress further. As a result, a minimal downward correction has occurred, and the market seems to be settling atop the 20-day EMA curve. The last price candle on the chart seems to hint that downward forces may not progress further.
Meanwhile, the SRSI indicator lines are in the overbought region and are trending sideways, indicating that the downward correction isn’t gaining traction. It is, therefore, logical to anticipate that the market may continue upward as a rebound can be seen occurring off the 20-day EMA lines at this point. This may supply price movement with the needed lift towards the $0.5500 mark.
