- Polygon erased all of its 2023 positive factors
- The technical picture is bearish
- Only a transfer above parity will change the bearish bias
What a journey it has been for Polygon buyers. Since its inception, the cryptocurrency rallied strongly, just for the transfer to be pale.
Twice, it had tried on the $2.8 space, failing each instances. The market has put a double prime sample there, because it was unable to interrupt above the horizontal resistance space.
Following the double prime, it all went flawed for Polygon buyers. Another 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 half of 2022.
When cryptocurrencies rallied initially 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. However, Bitcoin nonetheless holds on most of its 2023 positive factors, which spells bother for Polygon buyers.
Polygon stays bearish whereas under $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 must also break the sequence of decrease highs.
Second, it should commerce above parity with the greenback. That is a pivotal degree; holding there builds power for additional advances.
