- Ah, POL, that elusive creature, has been on a slow descent since the frosty days of December.
- Technical indicators and the fickle netflows have whispered sweet nothings of bearishness.
Behold, the Polygon [POL], that charmingly beleaguered Ecosystem Token, has been floundering in its quest for bullish glory of late. A tragicomedy, if you will.
As if in a tragic play, the capricious volatility of Bitcoin [BTC] has not been a benevolent muse; POL has slumped alongside BTC, yet when BTC dared to rise, POL merely sighed and remained earthbound.
In a rather theatrical post on X, the ever-astute crypto analyst Ali Martinez lamented that our dear POL has been trapped in a range since December, a range that stretches from $0.414 to $0.531—oh, the drama!
Meanwhile, AMBCrypto, with its own flair for the dramatic, unearthed findings that painted a rather bleak picture on a grander scale.
Parallel channel, yes, but a more bearish kind
AMBCrypto, in a rare moment of agreement with Ali, noted the parallel channel formation, yet they revealed that on the daily chart, POL was ensnared in a descending channel—oh, the irony!
This ominous formation foretold a downtrend, a fate that the price action has been all too eager to embrace over the past month.
Our beleaguered token has been crafting lower highs and lower lows as the daily trading sessions close, a veritable symphony of despair since December. The Awesome Oscillator, that fickle friend, has been serenading us with bearish momentum for weeks.
Meanwhile, the accumulation/distribution indicator languishes in a range, refusing to form new lows compared to the December debacle.
On the flip side, the CMF, that ever-judgmental metric, sits at a dismal -0.15, a figure that mocks the highs of late December. This revelation solidifies the relentless bearish pressure on our token.
To the south, the $0.418 and $0.414 levels may serve as the last bastions of support—if they can hold, that is.
In a twist of fate, the spot inflows experienced a brief outflow in mid-December, but have since been muted, like a bad joke that falls flat. The inflows on January 21st were followed by a 5.9% price plunge over the next three days—oh, the irony!
Yet, the outflows have not always danced in tandem with price gains, leaving the prevailing sentiment to waltz between consolidation and downtrend.
Read Polygon’s [POL] Price Prediction 2025-26—if you dare!
POL traders, take heed: adopt a bearishly biased stance, or bide your time for bullish conditions before you dare to trade this asset. A daily session close above $0.464 and $0.507 might just be the siren call for swing traders to seek long position entries.
Read More
- EigenLayer restaking protocol’s slashing testnet now live
- 3 Spider-Man Villains That Should Appear in the Next PlayStation Game
- FIL PREDICTION. FIL cryptocurrency
- Marvel Rivals Season 1 is bringing the Fantastic Four — here’s the Invisible Woman in action
- POL PREDICTION. POL cryptocurrency
- EastEnders airs huge Cindy Beale update in early iPlayer edition
- Whales and retail traders keep Arbitrum from falling — Here’s how
- Looks Like DOOM 64 Is Getting a Native PS5 Port
- Grantchester season 9 cast: Meet the characters in ITV drama
- Will GOAT’s latest 31% hike finally push it above $1 on the charts?
2025-01-26 11:07