- POL drops 2.9% in 24 hours, showing signs of further price decline.
- Analyst predicts a steep drop to $0.06-$0.07, down 98% from ATH.
- Descending triangle pattern suggests possible bottom for POL.
POL (formerly known as MATIC) has seen a decline in its value over the past 24 hours. At press time, the price currently sits at $0.1203, marking a 2.9% drop during the last day.
The price has fluctuated between $0.1184 and $0.1281, with a peak earlier in the day followed by a steady decline.
One analyst, venturefounder, has shared a concerning prediction for POL’s future. He believes the cryptocurrency may experience a continued drop, potentially reaching a price as low as $0.06-$0.07.
This would represent a 98% decrease from its all-time high. The analyst refers to the price action as part of a “slow death spiral,” warning that POL could face prolonged market weakness, with a gradual capitulation before the end of the year.
Analysts Watch for Trend Reversal Despite Bearish Sentiment
While some analysts predict further price drops for POL, others are cautiously monitoring the market for signs of a reversal. Alpha Crypto Signal has highlighted a descending triangle pattern in POL’s chart.
This technical structure generally signals further price declines. However, the analyst also notes that recent market wicks indicate a loss of momentum from sellers, which could mean the downward trend is exhausting.
The descending triangle formation suggests a possible shift in trend if POL can break key resistance levels. Alpha Crypto Signal believes that if the price can reclaim specific support levels, it may signal the end of the downtrend and a potential for relief bounces.
Market Movement and What’s Next for POL
The future price movement of POL will depend heavily on the overall market sentiment and key technical levels. Although the current trend remains bearish, the mixed views from analysts suggest that there could be a chance for recovery if key resistance levels are breached.
For now, POL’s market outlook remains uncertain, with analysts divided on whether the current downtrend will continue or if a reversal is on the horizon.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
