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Polygon’s breakout odds: Bulls and bears battle over THIS support
Polygon [POL] is at a critical crossroads as its price action consolidates within a descending triangle, with a potential 40% breakout looming. The token has been hovering around the $0.47 resistance level, leaving traders in suspense about the next move.
Currently trading at $0.4505 (down 0.02% in the last 24 hours), POL’s price is poised to break out in either direction. A failure to hold above the crucial $0.41 support level would likely lead to bearish dominance and a downward trajectory.
On the other hand, if the bulls successfully break above the key resistance at $0.47, it could trigger a strong upward move towards $0.63. The token’s recent price action has seen it repeatedly test this supply zone, suggesting that either side of the conflict will be decisive in determining the token’s immediate trajectory.
Notable metrics support the bears’ case, including rising active addresses and declining exchange reserves.
Source: ambcrypto.com
