- POL has gained 7% today and 19% this month following Ethereum's bounce from $3357 to $3675, leading a broader altcoin recovery.
- A Bearish ABCD harmonic pattern on POL's daily chart suggests potential upside, with the CD leg currently underway from Point C at $0.1898.
- The pattern targets Point D at $0.2896 (1.36 Fibonacci extension), representing over 33% upside potential from current levels near $0.2161.
- A decisive break above the 100-day moving average at $0.2173 could validate the bullish pattern, while failure to hold $0.1898 support would invalidate the setup.
Date: Tue, Aug 05, 2025 | 06:24 AM GMT
The cryptocurrency market is making a slight recovery from the latest sharp decline as the price of Ethereum (ETH) has bounced to $3675 from its recent low of $3357. Following this rebound, several altcoins have started moving higher — including Polygon (POL).
POL has returned to the green today with 7% daily gains, extending its monthly rally to 19%. Its chart is now displaying a key harmonic formation that could point to more upside ahead.
Harmonic Pattern Hints at Potential Bounce
On the daily chart, POL is shaping a Bearish ABCD harmonic pattern — a setup that, despite its name, can involve a strong bullish CD-leg before the final Potential Reversal Zone (PRZ) is reached.
The pattern began with a rally from Point A near $0.1633 to Point B, followed by a retracement to Point C around $0.1898, where buyers stepped back in. Since then, POL has rebounded and is now trading near $0.2161, indicating that the CD leg is underway.
The 1.36 Fibonacci extension of the BC leg — marking Point D — sits around $0.2896, which is the key target bulls are watching. Adding strength to the bullish case, POL is nearing the 100-day moving average (100 MA) at $0.2173. A decisive breakout above this resistance could validate the pattern and attract more momentum-driven buying.
What’s Next for POL?
A sustained move above the 100-day MA could serve as a launchpad toward the PRZ at $0.2896, representing more than a 33% potential upside from current levels. However, if the price fails to hold above the C-leg support near $0.1898, the harmonic structure could be invalidated, exposing the token to renewed selling pressure.
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