Polygon (POL) price isn’t seeing a significant recovery yet, unlike many other cryptocurrencies. It is currently down by around 4% at the time of writing, and things could get worse if certain levels fail to hold against the ongoing price fall.
Crypto trader Ali has raised a warning about Polygon price trajectory. His chart reveals a potentially precarious situation for the cryptocurrency, hinging on a crucial support level that could determine its market fate.
Ali’s detailed multi-year chart paints a sobering picture for Polygon investors. The cryptocurrency has been trapped in a persistent downtrend since its peak near $2.92 in January 2022. This descending resistance trendline signals a bearish market sentiment that has weighed heavily on the token’s performance.
What you'll learn 👉
The Critical $0.28 Support Level
According to Ali, the $0.28 support level is a make-or-break point for POL near-term price action. Currently trading around $0.32, the token is dangerously close to this critical support zone.
A breakdown below $0.28 could trigger a significant price collapse, potentially sending Polygon tumbling toward lower Fibonacci retracement levels around $0.14 or even $0.067.
Market Pressure and Potential Scenarios
The recent 14.8% price drop highlighted in Ali’s chart underscores the intense bearish pressure. While some investors might find the current trend contradictory, Ali emphasizes that only a few will truly understand the nuanced market dynamics at play.
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For POL price to reverse its current trajectory, it would need to break above the descending trendline and reclaim higher price levels around $0.65 and $0.90. Until then, the $0.28 support remains the key indicator of the token’s potential market movement.
The next few trading sessions will be crucial in determining whether Polygon price can maintain its current support level or succumb to further downward pressure.
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