Polygon Price Analysis: No Rebound for POL Despite 1,500-Day Low

Key Takeaways

• Polygon (POL) broke down from a long-term support level.
• The Polygon price fell to a nearly 1,500-day low of $0.196.
• Will Polygon’s decline continue for the rest of the year?
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Polygon has struggled hard in the current market cycle despite rebranding from MATIC to POL.

POL never came close to reaching a new all-time high. Instead, it created two lower highs in March and December 2024 and then plunged.

After breaking down from the $0.34 long-term horizontal support area, POL fell to a nearly 1,500-day low.

With that in mind, let’s analyze the POL price action to see if there is any hope for a trend reversal.

POL Reaches 1,500-Day Low

The POL price has fallen significantly since its all-time high of $2.92 in December 2021.

Polygon created a lower high in the current cycle, accelerating its downward movement after breaking down from a symmetrical triangle pattern in June 2024.

The weekly analysis shows POL’s breakdown led to a nearly 1,500-day low of $0.170 on March 11 before the price bounced slightly.

If the decline continues, Fibonacci support will exist between $0.070 and $0.140, but the closest horizontal support will not be until $0.0027.

Technical indicators and the wave count are both bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) trend downward.

The wave count suggests that POL is in wave Y of a W-X-Y structure (red). Giving waves W and Y the same length leads to a low of $0.079, reaching the lower range of the Fibonacci support region.

The weekly time frame suggests the POL price will continue to fall in the first half of 2025.

Will the POL Price Bounce?

The daily time frame analysis offers no hope for significant relief before the POL price reaches its target.

While the POL price trades inside a descending parallel channel, which is considered a corrective pattern, it shows no bullish reversal signs.

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On the contrary, the wave count shows a completed A-B-C structure (green), which suggests a bearish trend.

Additionally, the RSI failed to clear 50 while the MACD made a bearish cross (black circle).

These indicate a bearish Polygon prediction and suggest new lows are in store as soon as POL falls below its March 11 lows.

The channel’s support trend line at $0.162 can be the first area to trigger a temporary bounce. However, the downward movement will likely continue toward the long-term targets near $0.079.

From Bad to Worse

The POL price fell to a nearly 1,500-day low on March 11, emphasizing the long-term bearish trend since 2021.

There are no immediate bullish trend reversal signs since the price action, indicator readings, and wave count all point to new lows.

As a result, the POL price will likely continue to fall in the first half of 2025 and possibly until the end of the year.