After the upgrade from MATIC to POL over a month ago, the market produced substantial gains for weeks as it slowly gained momentum.
But unfortunately, buying pressure dropped and the asset rejected the $0.44 level after a second failed attempt to break through. This rejection triggered a small drop last weekend and the asset entered a bearish phase this week – it lost a key level and now trades around September’s low.
While it is on the verge of cracking the mentioned monthly low, Pol may dip into the $0.1 range to establish new support before retracing. However, if the bulls defend this monthly low well, the price may climb back with a strong surge towards the $0.5 level before pulling back.
Technically, the daily volume indicator has been on a steady rise since last month, suggesting a potential price increase. Though the price is still on a downward slope with no signs of recovery at the moment. With the latest sentiment surrounding the crypto space, more losses are expected.
POL’s Key Levels To Watch
Source: Tradingview
The key support level to watch for a major crackdown is $0.34 – tested as August’s low. Below this low lies the $0.3 level, followed by $0.2.
Currently, the $0.44 level is held as vital resistance. If the bulls manage to come back with a push above this level, the next possible resistance to keep in mind is $0.52. Higher resistance levels for a test are $0.59, $0.65 and $0.7 in case of an increase.
Key Resistance Levels: $0.44, $0.52, $0.59
Key Support Levels: $0.34, $0.3, $0.2
Spot Price: $0.37
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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