POL Steady at September Low as Bullish Momentum Grows

Recent Price Movements

Polygon has been experiencing wild price swings since December 2021. After hitting an all-time high near $3, this token endured a tough correction. Now, as POL hovers around recent lows, signs point to a possible upward movement. Investors are eagerly watching these developments, hoping for a resurgence after a lengthy downturn. Can Polygon (POL) meet these expectations?

Analyzing Polygon’s Price Action

The journey of POL has been challenging. By June 2022, the price dropped to $0.36, wiping out earlier gains. Two recovery attempts since then returned to this vital support level. The $0.36 mark now serves as a crucial threshold, reflecting the market’s struggle for stability. Recent price action shows a WXY corrective pattern, with the low of $0.35 on September 6 potentially indicating the end of this corrective phase.

• Current Price Level: $0.36
• Recent Low: $0.35 (September 6)
• Key Support Level: $0.32

If this analysis proves accurate, POL could be on the verge of a bullish trend. However, caution remains key. The lengthy correction raises questions about the timing of any rebound, and the market may face one final retest of the $0.36 area or dip slightly lower to $0.32 before bouncing back.

Price Prediction: A Path to Recovery

On March 13, POL soared to $1.30, an impressive 85% increase from the January low of $0.70. Although a setback below $0.60 occurred by April 13, this decline was less severe than the previous mid-September drop.

Recent lows of $0.36 in August and September formed a double bottom pattern, suggesting a potential shift in momentum. Wave structure analysis indicates this downtrend has ended, signaling the completion of wave Z in the WXY correction. The lows recorded reinforce a critical support zone, setting the stage for a potential upward movement.

• Recent Rally: 25% increase from September 6 to September 13, reaching a high of $0.45
• Next Key Pullback: Retreated to $0.40
• Potential Targets: Near-term target of $0.70

This increase hints at the start of a new uptrend. However, the following advance failed to break the previous high, retreating to $0.40. This pullback marks a key moment. Establishing a higher low in the next retracement could confirm a bullish outlook.

If this pattern unfolds, a five-wave upward movement may drive POL toward a near-term target of $0.70, with even greater gains expected by the end of 2024. While POL shows signs of recovery, traders should tread cautiously.

Conclusion

In summary, Polygon (POL) is navigating a critical juncture in its price action. With signs of a potential recovery, investors and traders should remain vigilant as the market develops.