Tuesday, September 26, 2023
    HomeMarketPolygon erased all of its 2023 gains. The technical picture is bearish.

    Polygon erased all of its 2023 gains. The technical picture 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 experience it has been for Polygon buyers. 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 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, all of it went improper for Polygon buyers. One other bearish sample fashioned, a descending triangle, with a scary measured transfer for those who purchased on the prime.

    The measured transfer despatched the market all the best way right down to $ 0.4 earlier than bouncing within the final a part of 2022.

    When cryptocurrencies rallied in 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 factors are lengthy gone. Nonetheless, Bitcoin nonetheless holds on most of its 2023 positive factors, which spells hassle for Polygon buyers.

    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 must also break the collection of decrease highs.

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

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