Polygon (POL) Testing Historic Support at $0.30 - Bounce Incoming or Deeper Drop? ETHDONUTPOLNOT 2mon ago by r/ethtrader

MATICUSD 1D Disclaimer: I used MATICUSD chart instead of POLUSD to have the whole picture. As you can see in the chart above, POLUSD (MATICUSD) 1D, Polygon is experiencing a strong downtrend with the price currently trading at $0.3168. To be honest, the chart looks so ugly but as some say, "Be greedy when others are fearful" right? As we can also see POL is currently testing a history support at $0.30 that has never been crossed before since 2021. The only times that this support was tested before are on June 2022 and in Nov 2024 apart from 2021 and right now. MACD is confirming the bearish momentum and the histogram remains negative suggesting that sellers are on control for now. Stochastic RSI shows that it is oversold indicating that a reversal or relief bounce could be close. Regarding trading well, I have a lot of doubts about the risk/reward right now. If you are still bullish on POL and believe in the project definitely right now is a great entry point for the long term but currently risk measure feels out of charts because if we lose this historic support we go into the unknown and the market is dependent of other news. Personally I believe that Polygon is a great project that has really interesting apps and also great developments coming. However all the altcoins are currently macroeconomics dependent so trading it makes it harder and I believe that there are currently other coins that are easier to trade than POL. Trade safe! Bounce Incoming or Deeper Drop? Disclaimer: The concept and ideas in this post come from my own thoughts and everything I have seen online during my three years in crypto. Any resemblance is purely coincidental. This is NOT a financial advice. submitted by /u/kirtash93 [link] [comments]