🚨🚨 Polygon Analysis: Key Support Levels and Market Outlook👇
Critical Support Zones: Polygon is holding above $0.392. A breach below this level could lead to tests at $0.38 (61.8% Fibonacci retracement) or $0.367 (78.6% Fibonacci retracement).
Wave Structure: Current price action indicates a three-wave rally, which suggests the potential for support retests.
Challenges: A lack of a clear upward impulse raises concerns about early failure.
Market Conditions: Altcoins remain under pressure despite Bitcoin's strength, reflecting broader market weakness.
Strategic Considerations:
Key Levels to Watch: Monitor $0.392 for potential breakdowns. A sustained move below this level may signal further downside risk.
Upside Potential: Continued upward movement could confirm a diagonal or revised wave structure, providing clarity for traders.
Trading Strategy: Adopt regular profit-taking to mitigate risks and take advantage of volatility.
Stay vigilant and closely observe these key levels for potential trading opportunities.
