- Only 1% of Polygon investors made a profit.
- Indicators show that buying pressure is increasing.
After switching from MATIC to POL polygon We have been struggling with pricing issues. But things may soon get better.
In particular, bullish patterns appear on POL charts, which can lead to tremendous growth.
Bullish pattern on Polygon chart
Polygon has been witnessing a major price correction recently. According to CoinMarketCapThe price of POL has fallen more than 3% in the past week. The bearish trend continued with the value falling 1% in the last 24 hours.
At the time of this writing, the token is trading at $0.3682, with a market capitalization of over $2.8 billion, making it the 31st largest cryptocurrency.
The continued decline in prices has left most investors out of profits. To be exact, only 10,300 POL addresses made a profit, which is just over 1% of all investors.
Source: IntoTheBlock
This also had a negative impact on the token’s social metrics. For example, the token’s social dominance fell last week, reflecting its decline in popularity.
Weighted Sentiment also entered negative territory. This meant that bearish sentiment towards POL was dominant in the market.
Source: Santiment
However, the trend may change soon as a bullish pattern appears on the token’s chart. AMBCrypto’s analysis shows that a bullish descending triangle pattern appears on Polygon’s price chart.
The token’s price has solidified since its debut in September.
At the time of this writing, POL was testing support. A successful test could push the token towards the upper resistance of the pattern in the next few days.
Source: TradingView
What plans does POL have?
AMBCrypto then checked another dataset of tokens to confirm that POL had successfully tested support. Analysis shows that POL outflows from exchanges have increased.
Polygon’s on-exchange supply has decreased while its off-exchange supply has increased. All three of these indicators indicate high buying pressure.
Whenever that happens, it hints at the possibility of price increases in the future.
Source: Santiment
Is your portfolio green? check it out POL Profit Calculator
I then checked Polygon’s daily chart to find out my future goals. If the price increases due to buying pressure, it would not be surprising to see the token moving towards $0.43 again.
A jump above that could push the token higher to $0.46. However, if the bearish trend continues, Polygon could fall to $0.35.
Source: TradingView