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POL has slowly trended downward since December. The technical indicators and spot netflows signaled a bearish bias. Polygon [POL], the Polygon Ecosystem Token, has struggled for bullish traction in recent weeks. The volatility of Bitcoin [BTC] did not help — POL slid lower alongside BTC, but failed to register sizeable gains when BTC climbed higher. Source: Ali on X In a post on X, popular crypto analyst Ali Martinez pointed out that the POL utility token was trading within a range since December. This range extended from $0.414 to $0.531. AMBCrypto had an alternative finding on a higher timeframe, which had bearish implications. Parallel channel, yes, but a more bearish kind Source: POL/USDT on TradingView AMBCrypto agreed with Ali on the parallel channel formation, but found that on the daily chart, POL was trading within a descending channel. This implied a downtrend, which the price action also reflected over the past month. The token has formed lower highs and lower low as 1-day trading session closes since December. Its Awesome Oscillator showed bearish momentum has been dominant over the past month. The accumulation/distribution indicator was stuck within a range, and has not formed new lows compared to December. On the other hand, the CMF was at -0.15. This was lower than what the indicator reached in late December on the same timeframe. This finding cemented the stern bearish pressure on the token. To the south, the $0.418 and $0.414 levels could act as support. Source: Coinglass The spot inflows saw some outflows in mid-December, but have been muted since then. The inflows on the 21st of January were followed by a 5.9% price move downward over the next three days. However, the outflows did not always correspond to price gains. Therefore, the consolidation or downtrend idea was still the prevailing…

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Filed under: News - @ January 26, 2025 8:11 am