Polygon has struggled in the current market cycle. Even after rebranding from MATIC to POL, the price failed to gain traction, consistently creating lower highs.
The decline accelerated after December 2024, triggering a breakdown from the long-term support at $0.34, sending POL to the lowest price since 2020.
With the downtrend in full force, let’s analyze the price action and see what lies ahead.
This accelerated the downward movement and caused a breakdown from the $0.35 horizontal support area, which has existed since 2021. The breakdown led to a five-year low of $0.196 in March.
Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
The RSI is below 50, the MACD is negative, and no bullish divergence has developed.
As a result, the weekly time frame suggests the POL prediction is bearish, and the decline will continue.
What’s Next for POL?
The daily time frame offers a more optimistic POL outlook. While the POL price has fallen significantly since December 2024, the decline is contained inside a descending wedge, considered a bullish pattern that usually causes breakouts.
The Polygon price is nearing the end of the pattern, so a decisive movement will likely happen soon.
Technical indicators support this outlook. The RSI and MACD have generated bullish divergences (orange), which have not yet led to a significant price movement.
Finally, the wave count shows a completed five-wave downward movement, which could be the leading diagonal in another long-term five-wave decrease.
If a breakout happens, the closest resistance will be at $0.40, created by a horizontal resistance and the 0.382 Fibonacci retracement resistance level.
The POL price broke down from a key horizontal support area at $0.34, falling to a five-year low.
While the price could bounce in the short term, the long-term POL trend is bearish, and the price trades below this area.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
