Recent events in the cryptocurrency market have led to significant price declines, including for the Polygon (POL) token. However, signs of recovery are emerging.
Current Trends in the Cryptocurrency Market
The cryptocurrency market is under considerable pressure. Ethereum (ETH) has posted its worst Q1 since 2018, sliding over 45%. This negative trend has also affected alternative coins, including the Polygon (POL) token.
Harmonic Structure and Its Significance for Polygon
The POL chart shows the development of a **bearish Cypher structure**. This figure in harmonic trading typically predicts a bullish impulse move. Currently, POL is in the CD phase, the final part of the structure.
Future Growth Prospects for POL
If the structure completes as expected, the potential target sits around **$0.2997**, corresponding to the 78.6% Fibonacci retracement level. To achieve this, it must clear intermediate resistance at **$0.2243**. Traders should monitor volume and momentum indicators closely.
Despite current challenges in the markets, the Polygon (POL) token is showing signs of recovery, which could lead to positive changes in the near future. It is important to watch key levels and indicators closely.
