Polygon Ecosystem Token [POL] Has gained 48.5% within a week and 9.29% during the day. Bitcoin’s impressive rise began on 1st January. [BTC] The crypto-market as a whole started making quick gains.
POL is continuing to grow despite the stalling of Bitcoin. It is possible that the momentum has been driven by recent events, like token burns.
Polygon Foundation announced on January 7th that it had discovered a new symbiote in the ozone layer. network update on X POL reached an “all-time high for demand and single-day fees generated”. This impressive milestone was marked by a burn record of just under 3 million POL Tokens (0.03 % of total supply).
The Polygon Open Money Stack The news also has a positive impact on the public’s mood. It is also going to make it easier for you to get around. “seamless global money movement enabled for anyone, anywhere”.
POL prices differ from spot CVD
Source: Coinalyze
Coinalyze showed that in recent days, the POL CVD spot has seen a dramatic drop. The Open Interest increased from $37 to $92 millions, while the drop in CVD showed a divergence of price and demand. This could indicate short-term exhaustion.
Source: Santiment
Onchain showed 90-day holders are back to profit. Profit-taking could be a factor in future days. The MVRV climbed into the positive zone, but it was still stationary. This could serve as a warning to traders.
Trade POL/USDT at TradingView
The chart for the day showed a bullish trend and strong purchasing pressure in the past 10 days. CMF was showing high purchasing pressure. The trading volume is also well above the moving 20-day average.
This is the first time since November 2023 that the RSI reached its highest value.
Be on the lookout for supply in the area between $0.18 – $0.20. The $0.20 is expected to play a pivotal role. This level represents a positive swing in the structure of the market and would present a great buying opportunity to long-term investors.
Conclusions
- POL is expected to continue its upward trend in the days ahead.
- It is important to keep an eye on the resistance of $0.20, especially when coin ages begin to drop. That could signal increased activity and potential profit taking.
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Source: ambcrypto.com
