2024-11-9 11:15

Recent pump in the crypto market made some “old” altcoins recover nicely. After ADA that pumped over 20% this week, Polygon’s POL is “waking up” as well. The POL price is now just slightly below $0.4 after pumping 11% today.

Popular crypto analyst Edward Morra shared a compelling Polygon chart analysis with his 60,000 followers on X.

Looking at his chart, POL seems to be at a make-or-break point – and Morra thinks this could be the perfect entry for traders looking for serious gains.

Here’s why this is interesting: POL has been hanging around the $0.30 zone for a while now, and this level has been like a solid floor, catching every dip buyers throw at it. But the really juicy part? There’s a massive resistance zone between $0.80 and $0.90 that, if broken, could send POL on a rocket ride.

Source: X/@edwardmorra_btc The Road to Recovery: What’s Next for the POL Price?

The chart’s looking pretty sweet right now. After months of pain, POL seems to be forming what traders call a “bottoming pattern” – basically, it’s showing signs that the worst might be over. The recent 21% weekly gain isn’t just a random pump; it’s backing up this theory.

Morra’s not beating around the bush here. He’s calling for what he sees as an “easy 3x” from current prices, which would put POL somewhere around $1.20. While that might sound ambitious, it’s worth noting that POL was trading at $1.70 just a couple of years ago.

Looking at the price levels, if POL can push past $0.50, that could open the doors to $0.80-$0.90. Break through that, and the old highs above $1 start looking achievable. Of course, it’ll need more than just technical analysis – the overall crypto market needs to play along too.

Read also: Here’s Why Bitcoin (BTC) Price Has Not Peaked Yet

The 11% jump today might just be the beginning of something bigger, especially if it can hold above $0.40. But as always with crypto, nothing’s guaranteed – traders should keep an eye on those key levels and manage their risk accordingly.

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