Polygon (POL) gave hope with its bull flag!

Polygon (POL) excited its investors with its technical structure despite the downward trend in recent days.

As of the writing of the news, $POL is trading at $ 0.3682 with a market value of over $ 2.8 billion. Due to the price decline that has been going on for a while, most investors have been at a loss. Only 10,300 POL addresses are in profit, which makes up a little more than 1 percent of total investors. However, the bullish formation formed on the $POL chart has started to give hope for an increase.

While POL's supply on exchanges has decreased, its supply outside of exchanges has increased. According to the data in question, buying pressure has increased. POL, which changed hands at $ 0.360 as of the writing of the news, is counting the days to the breakout. A sharp pricing can be expected depending on the direction of the breakout of the triangle structure. Considering that Bitcoin has exceeded $ 65,000, the breakout in the popular altcoin can be expected to be upward. In such a scenario, the $0.50 region can be targeted first.

The increase in Bitcoin dominance, ETH's failure to exceed $2500, or negative news from the Polygon ecosystem will naturally pull the price down. In such a scenario, a reaction can first be expected from the lower band of the triangle ($0.30). Afterwards, the $0.25 and $0.20 levels can be followed as support.

In addition to these, it will be useful to monitor onchain data. An increasing number of profitable addresses may indicate that the parity is in a bullish trend. An increase in the number of losing addresses will mean that the price has not been able to break the selling pressure.

#CryptoDeNostradame #ParrotBambooCrypto