A famend crypto market analyst projected a extremely bullish outlook for Polygon this Wednesday, triggering extreme market considerations globally. Market knowledgeable Ali Martinez hinted that POL value stays primed to crash and hit a $0.04 degree forward. As a end result, investor sentiments stay alarmingly destructive concerning the token (previously MATIC) because it at the moment sits on the $0.2 value degree.
Top Analyst Warns Polygon Dip To $0.04 Ahead: But Why?
In an X submit on March 19, Ali Martinez signaled that Polygon is present process a ‘macro trend shift.’ Despite the broader market displaying resilience and stopping huge downturns, POL value has entered a bear market.
The analyst reveals that the crypto shaped a ‘descending triangle’ sample over the previous 4 years. This formation characterised a horizontal help ground on the $0.32 value degree. However, the value stored hitting decrease highs because it superior, forming a ‘descending trend line.’
Subsequently, on February 25 this yr, the value bearishly broke out of this triangle, shedding key help talked about above. In flip, the “odds for an 86% bear market increase towards a target of $0.04 persist,” per the analyst.
How Is Polygon Performing Now?
As of press time, POL value recorded positive aspects price 1% intraday and exchanged palms at $0.2123. The coin bottomed and peaked at $0.2035 and $0.2136 over the previous day. Besides, it’s noteworthy that month-to-month and yearly losses totaled 35% and 78%, respectively. The broader bearish motion stays poised to bore extra warmth amid the lack of very important help at $0.32.
Declining OI Signals Waning Market Sentiment
Simultaneously, POL futures OI noticed a big decline for the reason that starting of this yr. Coinglass knowledge indicated that the OI slipped from a $119M degree as of late January to succeed in a $55 million degree thus far.
The declining derivatives knowledge flags a lack of investor curiosity in Polygon, including to market considerations amid bearish predictions.
Market Braces For FOMC Today
On the opposite hand, the U.S. FOMC set to happen shortly forward has stored traders on their toes. Currently, CME FedWatch Tool Data reveals a 99% probability of unchanged curiosity rates by the U.S. Fed.
Nevertheless, Fed Chair Jerome Powell’s speech stays much-eyed by market contributors. Following the financial turmoil brought on by Donald Trump’s tariff saga, a dovish trace in direction of upcoming financial insurance policies might considerably relieve crypto prices. In flip, even POL might leverage some macro reduction, though bearish investor sentiments persist.
It’s additionally noteworthy that per CoinMarketCap, “the upgrade from MATIC to POL has been initiated on Ethereum’s mainnet.” The crypto’s neighborhood revealed that as a Polygon PoS, zkEVM person, MATIC holder, node operator, or staker, customers stay poised to witness a simple and seamless improve course of.
Coingape Staff
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