Polygon worth remained underneath intense strain on the essential help at $0.100 regardless of having a few of the finest metrics within the crypto trade.
Abstract
- Polygon worth has crashed to an necessary help stage.
- Nanen knowledge reveals that the community’s transactions have jumped.
- Further knowledge point out that the variety of lively addresses has elevated considerably.
Polygon (POL) token was buying and selling at $0.1030, down by 85% from its highest level in November final 12 months.
Knowledge compiled by Nansen reveals that Polygon was the second-fastest-growing chain within the final 30 days. The community’s transactions jumped by 90% to 172 million, larger than Arbitrum’s 79 million and Ethereum’s 47.2 million.
Polygon’s lively addresses jumped by 30% within the final 30 days to 14.2 million. Its addresses have been a lot larger than most different chains, together with Arbitrum, Aptos, and Ethereum.
Its progress has been pushed by current integrations, particularly with high firms like Polymarket, Stripe, Shift4, and Revolut. In an X publish, Polygon famous that Stripe’s funds have elevated to over $70 million, a determine that may seemingly proceed rising.
Polygon has additionally grow to be a significant participant within the decentralized change trade. Knowledge compiled by DeFi Llama present that DEX protocols in its community dealt with transactions value over $210 million within the final 24 hours and $5.72 billion within the earlier 30 days.
Polygon worth technical evaluation
The each day chart reveals that the POL token has dropped from a excessive of $0.766 in November final 12 months to the present $0.10. Most just lately, its makes an attempt to rebound discovered substantial resistance at $0.2970 in September.
The token fashioned a head-and-shoulders sample, a well-liked bearish reversal signal. It has additionally remained beneath the 50-day and 200-day transferring averages, an indication that bears have prevailed.
On the optimistic aspect, the token is displaying some bottoming indicators. It has fashioned a falling wedge sample, a well-liked bullish reversal signal. The 2 strains of the wedge are about to converge, which means {that a} bullish breakout could also be about to occur quickly.
The percentages of a rebound have elevated after the token fashioned a bullish divergence, with main oscillators corresponding to the proportion worth oscillator and the Relative Power Index pointing upward.
Due to this fact, the token will seemingly rebound and hit the resistance at $0.1520. A break above that stage will verify the bullish breakout and point out additional features.
