$POL Testing Critical Support! Reversal or Breakdown? 📉🚀
Market Update:
Polygon (
$POL ) is currently trading at $0.1128, showing a -5.13% dip in the last 24 hours. After the massive rally earlier this month driven by the Open Money Stack launch and record token burns, we are now seeing a healthy correction phase.
Technical Insights (1H Chart):
Price Action: The price is hovering just above the 24h low of $0.1094.
Bollinger Bands:
$POL is currently sitting near the Lower Band (DN: $0.1097). A bounce from this "oversold" floor toward the middle band ($0.1146) is statistically likely.
RSI (10): Sitting at 42.34, indicating that while momentum is currently neutral-to-bearish, it is far from being overbought, leaving room for a sudden upward spike.
Deflationary Catalyst: On-chain data shows Polygon is now burning nearly 1 million tokens daily, which provides a strong long-term floor for the price.
The Trade Plan:
Entry Zone: $0.1100 - $0.1130 (Current Level).
Target 1: $0.1194 (24h High/Upper Bollinger Band).
Target 2: $0.1350 (Next major resistance level).
Stop Loss: $0.1080 (To protect against a deeper breakdown).
Trader’s Sentiment:
pol is transitioning into a global digital payment infrastructure. While short-term volatility is high, the risk/reward ratio at these support levels looks very attractive for a scalp long.
What's your move? Are you buying this
$POL dip or waiting for $0.10? Let’s discuss in the comments! 👇
#POL #Polygon #OpenMoneyStack #CryptoTrading #BinanceSquare
#Layer2