Hey there, crypto fans! 👋 So, Bitcoin‘s back on the rise, crossing the $105,000 mark 🚀, but Polygon‘s not exactly feeling the love 💔. It’s up 2.09% to $0.40, but don’t get too excited, folks. The increased volatility and stunted network load are like a big ol’ warning sign 🚨.
Let’s take a look at the daily price chart, shall we? 📊 It’s like a big ol’ rollercoaster ride, with a stronger pullback phase in motion. Polygon’s price trend is like a bad relationship – it’s all like “I love you, I hate you, I love you again” 😂. It recently tested a low of $0.3825, which is like a 50% decline in two months. Ouch! 🤕
But wait, there’s more! 🤔 A swift reversal from $0.3825 resulted in a Morning Star pattern with an intraday gain of 3.27%. It’s like Polygon’s trying to make a comeback, but will it stick? 🤷♀️ The ongoing pullback comes after a massive 163% rise during the November rally, when POL token price surged from $0.2918 to a peak of $0.7675. Talk about a wild ride 🎠!
Using the trend-based Fibonacci extension tool (yeah, I know, it sounds fancy 🤓), the ongoing pullback now tests the crucial 23.6% Fibonacci support level. As Polygon avoids a close below this support level, a bullish reversal with the Morning Star pattern hints at a potential recovery run. Fingers crossed! 🤞
POL Token Price Targets 🎯
The bullish reversal comes from a local support trendline that creates a falling wedge pattern. Hence, the bullish reversal in Polygon is likely to test the overhead resistance trendline near the $0.46 mark. But, if it breaks out, Polygon’s potential extends to the 78.6% Fibonacci level at $0.6238. Woohoo! 🎉
However, if it closes under the 23.6% Fibonacci level at $0.39, it’s like a big ol’ bearish move. The Polygon price could decline by 28% to reach the $0.2916 support level. Uh-oh! 😳
Bearish Threat: Analyst Predicts 40% Crash for Polygon 🚨
Ali Martinez, an independent crypto analyst, is like the Debbie Downer of the crypto world 🤕. He’s predicting a massive crash in Polygon, with a potential pullback of 40% to $0.23. Yikes! 😨
#Polygon $POL could be on the verge of a 44% correction to $0.23!
— Ali (@ali_charts) January 29, 2025
Suggesting a descending triangle pattern in the 4-hour chart, Polygon has broken under the crucial support at $0.41. Based on Fibonacci levels, Ali suggests a potential pullback of 40% to $0.23. Ouch, again! 🤕
Polygon Network Faces Pressure as TVL Drops Sharply 📉
Amid the rising bearish pressure over the Polygon price trend, the network faces intense heat 🔥. The Total Value Locked (TVL) on the Polygon network has declined to $841.4 million, marking a significant drop from its $1.337 billion peak in November 2024. Yikes, again! 😨
Furthermore, large transactions over the Polygon network have subsided in value. According to IntoTheBlock data, the value of the large transactions on January 29 stood at $62 million, marking a massive surge compared to $4.41 million on January 28. But, the overall trend over the past three months reflects the underperformance of the token. The seven-day high and the three-month high stood at $217.56 million, while the six-month high reached $
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2025-01-30 15:26