- Polygon erased all of its 2023 positive aspects
- The technical image is bearish
- Solely a transfer above parity will change the bearish bias
What a journey it has been for Polygon traders. Since its inception, the cryptocurrency rallied strongly, just for the transfer to be light.
Twice, it had tried on the $2.8 space, failing each occasions. The market has put a double prime sample there, because it was unable to interrupt above the horizontal resistance space.
Following the double prime, all of it went incorrect for Polygon traders. One other bearish sample fashioned, a descending triangle, with a scary measured transfer for people who purchased on the prime.
The measured transfer despatched the market all the best way all the way down to $ 0.4 earlier than bouncing within the final a part of 2022.
When cryptocurrencies rallied at the beginning of 2023 on the again of Bitcoin’s transfer larger, optimism emerged once more. Polygon rallied, too, buying and selling above $1.4, however these positive aspects are lengthy gone. Nevertheless, Bitcoin nonetheless holds on most of its 2023 positive aspects, which spells hassle for Polygon traders.
Polygon chart by TradingView
Polygon stays bearish whereas beneath $1
For the bearish bias to finish, the market wants two issues. First, it should break the bearish trendline on the chart above. Ideally, it also needs to break the collection of decrease highs.
Second, it should commerce above parity with the greenback. That could be a pivotal degree; holding there builds power for additional advances.
