Analyst warns that POL might face a massive decline, possibly dropping to $0.041, after a year-long downtrend.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
POL POL $0.19 24h volatility: 2.3% Market cap: $1.62 B Vol. 24h: $48.40 M , the rebranded Polygon’s MATIC token, is currently trading at $0.2429, down by 15% in the past 24 hours. The token has been in a prolonged decline since hitting its all-time high of $1.29 in March 2024, shedding 78% of its value over the past year.
Renowned crypto analyst Ali Martinez believes that POL price might be on the verge of a massive breakout. He pointed out that the token appears to be breaking out of a multi-year descending triangle, a pattern that often squeezes the lower highs into a narrowing range before a decisive move — either a breakout or a breakdown.
If this materializes, Martinez suggests that POL could plummet toward $0.041, an alarming 83% drop from current levels.
On the daily POL price chart, the RSI is currently hovering in the oversold territory, suggesting that POL might be due for a short-term relief rally. However, a sustained recovery would require stronger bullish momentum.
Bollinger Band is also confirming that the token is in the oversold conditions as it trades near the lower band. This could indicate a potential bounce, but unless the price moves back toward the mid-band, any upward move might be short-lived.
Meanwhile, the MACD line remains below the signal line, a classic bearish indicator. Until the two lines cross upwards, it’s unlikely that POL will see any major price appreciation in the near future.
The key Fibonacci extension levels suggest that POL has broken below crucial support zones. The next major support sits near $0.20, while the resistance to reclaim bullish momentum stands around $0.30. A push above this level could spark buying interest, but failure to hold above $0.20 might cause further downtrend.
While POL is struggling since early-2024, its long-term fundamentals remain strong. Many traders believe that POL’s current low prices could present a rare accumulation opportunity before the next bullish cycle.
Popular crypto expert Del Crxpto recently shared a bullish stance on the token, citing its strong brand recognition and major partnerships with industry giants like Disney. He stated:
“Everyone has forgotten about this ETH layer-2 which has lightning-fast transactions, often for less than a penny. Those who made millions on Polygon last bull run won’t forget, that’s why I’m BULLISH on POL.”
POL currently boasts a market cap of $2.09 billion and ranks 42nd among the largest cryptocurrencies, as per the data by CoinMarketCap.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
