Polygon (POL) Trades Sideways Near $0.20 as Bearish Momentum Persists and Support Levels are Tested
Polygon’s ecosystem token, POL, has continued to show weakness, trading in a tight range between $0.20 support and $0.26 resistance after falling below key moving averages. Previous attempts to break out above $0.26 have failed, leading to consolidation above $0.20. Recent technical analysis highlights persistent bearish sentiment, with price bars sitting below major moving averages and the market showing indecision through the presence of doji candlesticks. Analysts warn that a breakdown below the $0.20 support could trigger further downside to $0.17 or $0.16. On the other hand, continued consolidation above this level may lead to short-term range-bound trading. As of the latest report, POL is priced at $0.214, and traders are advised to closely monitor the critical $0.20 support zone. The overall trend remains bearish unless support levels hold, with possible increased volatility if this zone is breached. Resistance and support levels from previous analysis at higher values ($0.27, $0.30) have shifted lower, reflecting the token’s deteriorating technical outlook.
Bearish
The two summaries consistently indicate that Polygon’s POL token is under bearish pressure, having fallen below important moving averages and consistently failing to breach resistance at $0.26. The latest data shows POL consolidating above $0.20, with technical indicators (such as doji candlesticks and horizontal moving averages) pointing to market indecision and weakness. The lowered support and resistance levels in the latest report reflect a deteriorating technical outlook. If the $0.20 support breaks, further downside towards $0.17 or $0.16 is likely, increasing the chance of heightened volatility. The absence of a bullish catalyst and ongoing bearish momentum suggest that POL is likely to continue facing downward pressure in both the short and long term unless key support is maintained.