Polygon (POL) : Is a Bottom Formation on the Horizon ?

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Polygon (POL) has recently traded sideways within a defined Target Zone, specifically between **$0.4711 and $0.3058**. This behavior suggests the potential for a **bottom formation** in the near future.

However, analysts predict a deeper low may still develop within this magenta wave (2), indicating further volatility could be expected before a potential upward trend.

Once this low is established, the **turquoise wave 1** is anticipated to push the price above the resistance level at **$0.60**.

Investors looking to capitalize on this movement can consider opening long positions within the Target Zone, setting stop-loss orders approximately **1% below the lower boundary** or at the **support level of $0.31**.

If the price dips below this support level, which carries a **42% probability**, it may prompt a reassessment of Polygon's positioning within the broader market context.

Conclusion :

While Polygon shows signs of a bottom formation within the specified Target Zone, caution is warranted as deeper lows may occur. Successful trades could emerge post-recovery if resistance levels are broken.

Advice :

Traders should **monitor price movements closely** within the Target Zone, be prepared to adjust positions based on market behavior, and utilize stop-loss strategies to mitigate risks. Keep an eye on potential support levels, particularly at **$0.31**, to inform trading decisions.