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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 pale.
Twice, it had tried on the $2.8 space, failing each instances. 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 improper for Polygon traders. One other bearish sample fashioned, a descending triangle, with a scary measured transfer for those who purchased on the high.
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 firstly 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 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 sequence of decrease highs.
Second, it should commerce above parity with the greenback. That may be a pivotal degree; holding there builds power for additional advances.
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