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🪙 Coin Name: #POLYX/USDT 4h
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On the 4-hour timeframe chart for POLYX, an ascending channel chart pattern has developed. This pattern is generally indicative of a bullish trend, characterized by the price moving between two upward-sloping parallel lines. Despite this, a closer examination of the Relative Strength Index (RSI) reveals a bearish signal. The RSI, which assesses the speed and change of price movements to identify overbought or oversold conditions, indicates weakening momentum, suggesting that the current upward trend may not be sustainable.
Additionally, the price has broken through the resistance line of the ascending channel, which typically acts as a ceiling for price movements within the pattern. This breakout is a significant indicator of a potential reversal in trend direction. When combining the bearish RSI signal with the breakout above the resistance line, it implies that POLYX is likely to experience a bearish phase. Hence, the overall analysis points to a bearish outlook for POLYX despite the initial bullish formation of the ascending channel.
Entry: 0.4402 - Market Price
Signal Type: SHORT
Take Profit-
🎯$0.4200
🎯$0.4100
🎯$0.4000
🔒 Leverage: 20x
⛔ Stop Loss at: $0.4661
Don't miss out on this opportunity! 💸
