Polygon’s $POL Token Update

Polygon’s $POL token is currently trading at $0.2136, experiencing 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, evident on the 4-hour chart. A descending triangle pattern has formed with support around $0.2108. As this support level decreases, the bearish trend is likely to continue.

The immediate support stands at $0.2108, tested multiple times in recent sessions. Key resistance levels include R1 at $0.2311 and R2 at $0.2522. A break below the current support could accelerate selling towards the S1 level at $0.1897.

Pivot points indicate that POL is trading below the central pivot. S4 ($0.1271) is significant while R5 ($0.3129) is seen as a distant resistance level.

The RSI reads at 48.49, indicating a neutral stance but with a minor negative bias due to the declining trend. The oscillator is not yet oversold, which suggests potential for further downside before a possible recovery.

Polygon Price Targets

A drop below $0.2108 may lead POL towards S1 ($0.1897) and potentially S2 ($0.1694) soon.

Conversely, if the price breaks above the descending trendline and R1 ($0.2311), it may rise towards R2 ($0.2522) and R3 ($0.2725).

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

What’s Next?

The daily time frame presents a more optimistic outlook for POL. Although the price has decreased since December 2024, the downtrend seems confined within a descending wedge, a pattern often preceding a bullish breakout.

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