Polygon Shows Bearish Signs; Will POL Break $0.21 Support?

Polygon’s $POL token is currently trading at $0.2136, with a decrease of 1.58% over the last 24 hours. It has a market cap of $408.9 million and a volume of $3.13 million, which is up by 6.48%.

Polygon Price Analysis

POL is trading on a clear downtrend which becomes more visible on the 4-hour chart. The pattern of the price action is such that a descending triangle with support around $0.2108 has been made. As the support value falls, the bearish trend will very likely continue.

Polygon Price Chart

The immediate support is at $0.2108 which has been tested multiple times in recent sessions while key resistance levels include R1 at $0.2311 and R2 at $0.2522. A break below the current support could speed up the selling toward the S1 level at $0.1897.

Pivot points predict POL is trading below the central pivot at the moment S4 ($0.1271) is a pivotal zone while R5 ($0.3129) is a relatively far resistance level.

The RSI is at 48.49 in the middle of the range but the declining trend shows minor negative bias. The oscillator is not yet oversold revealing room for downside move before it can become more meaningful for a potential recovery.

Polygon Price Targets

A breakdown below $0.2108 will allow POL to decline towards S1 ($0.1897) and possibly S2 ($0.1694) shortly.

If the price breaks out of the descending trendline and R1 ($0.2311) then we might expect the price to go up towards R2 ($0.2522) and R3 ($0.2725).

Open Interest for Polygon has declined slightly by 1.18% to $56.02 million.

What’s Next?

The daily time frame offers a more positive view of POL. Even though the POL price has plunged since December 2024 the downtrend does not extend beyond the limits of a descending wedge that looks like a bullish pattern which in most cases is carried through to a break.

Also Read: Binance Co-founder He Yi: Interests of Users and the Platform Are Completely Aligned

Sahil Mahadik
Written by Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.

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