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Lido Stops Polygon Staking After Limited Adoption, POL Price Faces Uncertainty
In a recent move, Lido has announced the discontinuation of its Polygon staking service due to limited adoption. This development is likely to weigh heavily on the price performance of the POL token.
As per the USDT pair analysis provided by analysts earlier today, the cryptocurrency is exhibiting a bearish trend. Notably, the token has been trading below critical resistance at $0.6104, which aligns with the 100-day EMA. Furthermore, significant selling pressure was observed around the $0.6135 mark, corresponding to the 50-day EMA.
Following the recent testing of support at $0.5468, the cryptocurrency’s RSI indicator is currently hovering at 44.84, indicating weak momentum and limited bullish activity. The failure to break through the $0.6100 resistance could lead to a revisit of the aforementioned support threshold, heightening short-term concerns.
The token has been unable to surpass its previous high of $1.2713 in March 2024 and continues to struggle below the critical $0.80 resistance level, casting doubt on its recovery potential. Any sustained push above the aforementioned resistance could potentially open up modest gains for POL, targeting $0.6517 or higher.
The Lido’s decision to halt Polygon staking services may likely exacerbate the bearish trend observed in the market, resulting in further downward pressure.
Source: www.crypto-news-flash.com
