Polygon (MATIC) Market Analysis – 9 May 2025
Current Price: ~$0.250
Support Level: $0.208 (key level from 7 May swing low)
Resistance Levels / Targets: $0.324, $0.36 (if impulsive structure holds)
Structure: Potential 5-wave move forming from April low
Analysis:
Polygon is attempting to build a 5-wave structure from the April low. It recently reacted to the 50% Fibonacci retracement at $0.217, though there was a weak break below this level, suggesting caution. The current move could still be a corrective rally unless five clean waves up form. A strong impulsive wave above $0.324 followed by a healthy correction would confirm a potential long-term bullish reversal. However, failure to hold the key support at $0.208 could invalidate this scenario and open the door for new lows.
Trade Setup
Entry (Conservative Buy Zone): $0.210–$0.220 (upon signs of strength and support holding)
Target 1: $0.324
Target 2: $0.360
Stop Loss: Daily close below $0.208
Summary:
MATIC needs to hold $0.208 and form a full 5-wave impulsive move for a clearer bullish structure. A pullback after the fifth wave (wave 2 correction) would offer a higher-probability re-entry for longer-term upside.$POL