The cryptocurrency market is experiencing a slight pullback after a strong rally, impacting Polygon (POL). Current analysis indicates interesting patterns that may suggest further changes.
Market Pullback
The cryptocurrency market is undergoing a slight correction after a recent rally during which Ethereum (ETH) gained 7% before slipping over 2%. This has affected other major altcoins, including Polygon (POL), which is trading in red today.
Polygon's Double Bottom Analysis
According to latest analysis shared by crypto analyst Johnny, POL has demonstrated a classic double bottom breakout—a bullish reversal pattern. This formation occurred when the price bottomed twice near the $0.17 level, then subsequently moved upward. The breakout above the neckline resistance at $0.2680 marked the completion of this pattern.
Future Prospects for Polygon (POL)
So far, the retest appears constructive, as POL is holding its ground at the neckline and showing resilience. Current price action suggests bulls remain in control. A decisive move above the recent swing high of $0.2955 would indicate that bullish momentum is returning, with potential targets at: $0.303 → $0.335 → $0.374 → $0.408, particularly watching the $0.408 resistance zone. However, caution is advised; any sustained drop below $0.26 could invalidate this bullish setup.
The cryptocurrency market remains pressured, yet certain patterns observed in Polygon (POL) may suggest future growth. Monitoring key levels is essential for understanding potential market movements.
