POL PRICE ANALYSIS & PREDICTION (October 5) – POL Sits Near A Key Monthly Support Following 13% Weekly Loss, Sets To Break Lower

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

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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