#Polygon ($POL ) has excited its investors with its technical structure despite the recent decline.
Due to 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, a large part of the accumulation has been at a loss. 10,300 POL addresses are in profit and this is only a fraction of 1 percent of the total income. However, the bullish formation formed in the POL chart has started hopeful applications for the rise.
The formation that excites POL investors is that while the supply in POL's exchanges has decreased, the supply of the exchanges abroad has increased. According to the data in question, the buying pressure is increasing. POL, which was distributed at $ 0.360 due to the writing of the news, says days to the breakout. A sharp pricing can be expected according to the directions of the triangle structure breakout. Considering that Bitcoin has exceeded $ 65,000, it can be expected that the breakout in the popular altcoin will 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 developments in the Polygon ecosystem will 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 follow onchain. The increasing number of profitable addresses may indicate that the parity may be bullish. The increase in losing addresses will mean that the price has not been able to break the selling pressure

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This chart displays a candlestick analysis for the POL/USDT trading pair on a 1-hour timeframe, using TradingView as the charting platform. The chart highlights several technical indicators and features:
1. Price Action: The current price is around 0.3781 USDT, shown in a bearish trend within a descending channel, indicated by the red lines converging downwards. This pattern typically suggests that the price might continue to decrease if it stays within the channel boundaries.
2. Support and Resistance Levels: There are clear horizontal lines marking potential support and resistance zones. The key support zone is highlighted in yellow around 0.3660, while immediate resistance is near 0.3889. A breakout or breakdown from these levels could indicate significant price movements.

3. 200-period Moving Average: The red curve represents the 200-period moving average, currently above the price, reinforcing the resistance level and indicating a bearish trend.
4. Relative Strength Index (RSI): The RSI at the bottom of the chart is fluctuating around the 50 level, suggesting a lack of strong momentum in either direction, which is typical in sideways or consolidating markets.
5. Volume: There is no clear indication of volume trends in this snapshot, but typically, volume would provide insights into the strength of price movements.
Overall, the chart suggests a bearish outlook with the price contained within a descending channel, awaiting a potential breakout or further decline following the established trend. This setup can be crucial for traders looking to enter short positions or waiting for a reversal signal to enter long positions.
Would you like to explore any specific aspect of this chart further, such as more detailed analysis on potential breakout points or how other technical indicators might affect the interpretation?
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