Polygon price analysis: Can bullish sentiment push POL past key resistance?
The post Polygon price analysis: Can bullish sentiment push POL past key resistance? appeared on BitcoinEthereumNews.com.
POL is consolidating within a descending channel, with a bullish sentiment building despite recent price stagnation. On-chain metrics like active addresses and stable futures funding rate support the possibility of a breakout. POL (formerly MATIC) is experiencing a noticeable shift in market sentiment with both crowd and smart money indicators signal growing optimism. The crowd sentiment is at 0.95 and smart money is at an impressive 3.00. This bullish sentiment, coupled with rising network activity, could drive a significant move. However, POL’s price action has yet to break out of its consolidation phase. At press time, Polygon was trading at $0.3636, down by 2.49%, leaving investors questioning whether this positive sentiment will translate into a sustained rally. POL technical analysis: Is a breakout imminent? Polygon’s price action continues to move within a descending channel, struggling to break free of the consolidation phase between $0.4477 and $0.5761. Moreover, the recent candlestick pattern indicates that POL is approaching a critical point. Therefore, the next move could determine whether it will rally or continue to consolidate. A break above the $0.4477 level is crucial for any upward momentum. Source: TradingView The Stochastic RSI, currently at 32.65, suggests that POL is near the oversold zone, pointing to potential buying pressure in the near future. Additionally, the MACD shows a neutral signal, with minimal divergence between the MACD and signal lines, further indicating that POL could consolidate before making a decisive move. Source: TradingView On-chain metrics: Active addresses and transactions on the rise Interestingly, Polygon’s fundamental on-chain data paints a picture of steady interest. The active addresses over the last 24 hours increased by 0.96%, while the transaction count rose by 0.86% to 2.49K according to CryproQuant. These incremental rises in network activity could signal renewed user interest, which may support the current bullish outlook. …
Filed under: News - @ October 23, 2024 8:26 pm