Crypto
Polygon Price Plummets as Community-Driven Fee Burn Fails to Boost Value
Polygon (POL) has continued its decline, trading at $0.1017 after an 8.07% drop in value over the day.
The asset is currently below both short- and medium-term moving averages, with only its long-term trend providing support.
A recent community-driven fee burn has reduced the circulating supply of POL tokens by 100 million, but this move has not yet translated to a price recovery.
According to technical analysis, the expected short-term range for POL is $0.0985 to $0.1105, with a 65% probability of further decline and a 35% chance of rebound.