Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ALTCOIN NEWS»As activity decreases, Polygon’s bull flag appears. Should buyers beware?
ALTCOIN NEWS

As activity decreases, Polygon’s bull flag appears. Should buyers beware?

By Crypto FlexsDecember 13, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
As activity decreases, Polygon’s bull flag appears. Should buyers beware?
Share
Facebook Twitter LinkedIn Pinterest Email
  • POL appears to have formed a bullish flag on the 4-hour chart, suggesting an upward trend ahead.
  • Considering that the majority of holders are yet to make a profit, this upward trend may face resistance.

Polygon (POL) It was trading at $0.655 at press time after rising 11% in 24 hours. This rise is a reversal of the bearish trend, considering the price has remained down 7% over the past seven days.

Like most altcoins, Polygon had a strong rally in late November before hitting a snag early this month. This uptrend and subsequent downtrend formed a bullish flag on POL’s 4-hour chart.

This pattern indicates that POL can continue its upward trend, but more buying volume is needed to support a breakout.

Source: TradingView

Volume histogram bars indicate minimal buying and selling activity. However, the Money Flow Index (MFI) index rose to 62 after rising, indicating increasing purchasing activity.

Moving Average Convergence Divergence (MACD) also shows that the bulls are regaining control after the MACD histogram bar reversed to green, indicating increased buying activity.

At the same time, the MACD line on this sub-timeframe is in an upward trend, and if it crosses above the signal line, it confirms short-term strength.

Key levels to note

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) indicator shows that nearly 10,000 addresses purchased POL between $0.65 and $0.67. This price range can act as a support level, below which a recession could occur.

Source: IntoTheBlock

Another group to watch is 10,270 addresses that purchased over 31 million POL tokens between $0.67 and $0.69. This zone can act as a strong resistance level as these addresses can start selling once they become profitable.

Polygon’s dApp activity may affect price

Data from DappRadar shows that Polygon’s seven-day dApp trading volume was down more than 8% to $2.41 billion at press time. Unique Active Wallets (UAW) also decreased by 10%.

Source: DappRadar

However, on the decentralized finance (DeFi) side, Polygon saw a strong recovery, with total value locked (TVL) surging to $1.195 billion. DeFiLlama. TVL is now at its highest level in over a month.

If the Polygon network continues to show strength and growth, it could bode well for POL.


Is your portfolio green? Check out our POL Profit Calculator


Long/Short Ratio Shows Sentiment Shifts

Polygon’s long/short ratio fell to a monthly low of 0.79 on December 9 after increased short selling activity. However, this ratio later surged to 0.90.

Source: Coinglass

POL’s long/short ratio still shows bearish sentiment, considering that 52% of traders are short sellers. This means that fewer traders are optimistic about a continued uptrend.

Next: ALGO: With a Bullish Crossover Emerging, Where Are Altcoins Heading Next?

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The XRP market value surpasses Shopify, Verizon, and Citigroup. Whales sell 40m coins.

September 18, 2025

‘Fat Apps’ can lead the cryptographic story in the next few months.

September 11, 2025

Binance explodes 466m LUNC with oblivion: revival play or special effect?

September 4, 2025
Add A Comment

Comments are closed.

Recent Posts

Navigating Policy & Regulation in Blockchain

September 23, 2025

Flipster Debuts Market’s First USD1 Perps For BTC, ETH, SOL, XRP, And DOGE

September 23, 2025

BYDFi Joins Korea Blockchain Week 2025 (KBW2025): Deepening Web3 Engagement

September 23, 2025

MEXC Brings Immersive Experience With ‘0 Fee Lounge’ To Token2049

September 23, 2025

Moonbirds And Azuki IP Coming To Verse8 As AI-Native Game Platform Integrates With Story

September 23, 2025

Buying NFT is like buying a Mickey Mouse T -shirt and an IP.

September 23, 2025

ETH-Based Little Pepe Raises $26M In Presale

September 23, 2025

Seoul Exchange, One Of Only Two Licensed Platforms For Unlisted Securities, Will Exclusively Use Story To Settle Tokenized RWAs

September 22, 2025

Bitcoin And Dogecoin Are Trending. Use TALL Miner To Earn A Steady $8,750 Per Day And Double Your Wealth.

September 22, 2025

BitMine Immersion (BMNR) Announces ETH Holdings Exceed 2% of Ethereum Network With ETH Holdings Exceeding 2.4 Million Tokens and Total Crypto and Cash Holdings of $11.4 Billion

September 22, 2025

CryptoLists.com Recognised As “Crypto Affiliate Of The Year” At SBC’s Affiliate Leaders Awards 2025

September 22, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Navigating Policy & Regulation in Blockchain

September 23, 2025

Flipster Debuts Market’s First USD1 Perps For BTC, ETH, SOL, XRP, And DOGE

September 23, 2025

BYDFi Joins Korea Blockchain Week 2025 (KBW2025): Deepening Web3 Engagement

September 23, 2025
Most Popular

The European Central Bank increases the development of wholesale CBDC platform.

February 21, 2025

Analysts say the Ether derivatives situation could trigger sharp ETH price movements in the near future.

April 16, 2024

Bitcoin vs Altcoins-Check for the new ALT season.

June 2, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.