HomeTechnologyPolygon erased all of its 2023 positive factors. The technical image is...

Polygon erased all of its 2023 positive factors. The technical image is bearish.

  • Polygon erased all of its 2023 positive factors
  • 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 high sample there, because it was unable to interrupt above the horizontal resistance space.

Following the double high, all of it went flawed for Polygon traders. One other bearish sample shaped, a descending triangle, with a scary measured transfer for people who purchased on the high.

The measured transfer despatched the market all the way in which 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 greater, optimism emerged once more. Polygon rallied, too, buying and selling above $1.4, however these positive factors are lengthy gone. Nonetheless, Bitcoin nonetheless holds on most of its 2023 positive factors, which spells bother 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 sequence of decrease highs.

Second, it should commerce above parity with the greenback. That could be a pivotal degree; holding there builds vitality for additional advances.

Supply: https://coinjournal.web/information/polygon-price-forecast-will-it-hold-above-0-5/


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