Analyst Predicts Polygon (POL) Price Drop To $0.04 Looms, Here’s Why

A renowned crypto market analyst projected a highly bullish outlook for Polygon this Wednesday, triggering severe market concerns globally. Market expert Ali Martinez hinted that POL price remains primed to crash and hit a $0.04 level ahead. As a result, investor sentiments remain alarmingly negative about the token (formerly MATIC) as it currently sits at the $0.2 price level.

Advertisement Top Analyst Warns Polygon Dip To $0.04 Ahead: But Why? In an X post on March 19, Ali Martinez signaled that Polygon is undergoing a ‘macro trend shift.’ Despite the broader market showing resilience and preventing massive downturns, POL price has entered a bear market.

The analyst reveals that the crypto formed a ‘descending triangle’ pattern over the past 4 years. This formation characterized a horizontal support floor at the $0.32 price level. However, the price kept hitting lower highs as it advanced, forming a ‘descending trend line.’

Polygon Price Pattern Source: Ali Charts, X Subsequently, on February 25 this year, the price bearishly broke out of this triangle, losing key support mentioned above. In turn, the “odds for an 86% bear market increase towards a target of $0.04 persist,” per the analyst.

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How Is Polygon Performing Now? As of press time, POL price recorded gains worth 1% intraday and exchanged hands at $0.2123. The coin bottomed and peaked at $0.2035 and $0.2136 over the past day. Besides, it’s noteworthy that monthly and yearly losses totaled 35% and 78%, respectively. The broader bearish action remains poised to bore more heat amid the loss of vital support at $0.32.

Declining OI Signals Waning Market Sentiment Simultaneously, POL futures OI saw a significant decline since the beginning of this year. Coinglass data indicated that the OI slipped from a $119M level as of late January to reach a $55 million level to date.