The cryptocurrency market is displaying slight recovery after a recent sharp decline, especially Ethereum (ETH) and Polygon (POL) show positive results.
Overview of Market Recovery
The cryptocurrency market is slightly recovering after a decline. The price of Ethereum (ETH) has increased to $3675 from a recent low of $3357. This positive movement has also affected other altcoins.
Harmonic Movement of Polygon (POL)
Polygon (POL) returns to the green with a 7% daily gain, bringing its monthly rally to 19%. On the daily chart, POL is forming a bearish ABCD harmonic pattern which, despite its name, can indicate a strong bullish CD segment. The current price of POL is around $0.2161, with the key point D at $0.2896 attracting bullish interest.
Potential Scenarios for POL
If the price of POL can remain consistently above the 100-day moving average, this could serve as a launchpad for further growth towards the potential reversal zone at $0.2896. However, if the price falls below the C leg support near $0.1898, this could lead to renewed selling pressure, questioning the current pattern.
The cryptocurrency market, particularly Polygon (POL), presents interesting price levels and prospects. Further movement will depend on its ability to maintain key support and resistance areas.
