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Home»Altcoins»Polygon’s bull flag emerges as activity dips: Should buyers be cautious?
Altcoins

Polygon’s bull flag emerges as activity dips: Should buyers be cautious?

December 13, 2024No Comments4 Mins Read
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Polygon [POL] appears to have formed a bull flag on its four-hour chart, indicating a potential uptrend in the near future. However, this uptrend may face resistance as a majority of holders are still in a loss-making position.

Currently trading at $0.655, Polygon has experienced an 11% gain in the last 24 hours, marking a reversal from previous bearish trends despite a 7% dip over the past week. The altcoin saw a strong uptrend towards the end of November before encountering a setback earlier this month, leading to the formation of a bull flag pattern on the four-hour chart.

The pattern suggests that Polygon could continue its upward trajectory, but increased buying volumes are necessary to sustain a breakout. The volume histogram reflects minimal trading activity, although the Money Flow Index (MFI) indicates a rise in buying pressure, reaching a value of 62. Additionally, the Moving Average Convergence Divergence (MACD) suggests that bulls are gaining control, with the MACD line showing an uptrend and potentially crossing above the signal line to confirm short-term bullishness.

Key levels to monitor include the In/Out of the Money Around Price (IOMAP) metric, which reveals that nearly 10,000 addresses acquired POL between $0.65 and $0.67, serving as a potential support zone. Conversely, around 10,270 addresses purchased over 31 million POL tokens between $0.67 and $0.69, forming a strong resistance level as these holders may consider selling once they achieve profitability.

On the dApp activity front, data from DappRadar shows a decline of more than 8% in Polygon’s seven-day dApp volumes, currently standing at $2.41 billion. Despite this, the Total Value Locked (TVL) in Polygon’s decentralized finance (DeFi) sector has surged to $1.195 billion, indicating a robust recovery and potential positive impact on POL’s price performance.

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The long/short ratio for Polygon recently hit a monthly low of 0.79 on December 9th due to increased short-selling activity, but has since rebounded to 0.90. Despite this improvement, 52% of traders remain bearish, signaling a lack of optimism for a sustained uptrend in the near term.

In conclusion, while Polygon shows signs of a potential uptrend, resistance levels and sentiment among traders may pose challenges. Keeping a close eye on key levels and monitoring dApp activity could provide insights into Polygon’s price movements in the coming days. The COVID-19 pandemic has brought about unprecedented challenges and changes in our lives. From social distancing measures to stay-at-home orders, we have had to adapt to a new way of living in order to prevent the spread of the virus. As we continue to navigate these uncertain times, it is important to stay informed and follow guidelines set forth by health officials.

One of the most effective ways to prevent the spread of COVID-19 is by wearing a mask. Masks have been proven to reduce the transmission of respiratory droplets that may contain the virus, especially in situations where social distancing is not possible. By wearing a mask, you are not only protecting yourself but also those around you.

In addition to wearing masks, it is crucial to practice good hygiene to prevent the spread of COVID-19. This includes washing your hands regularly with soap and water for at least 20 seconds, using hand sanitizer when soap and water are not available, and avoiding touching your face with unwashed hands. These simple measures can go a long way in preventing the spread of the virus.

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Social distancing is another important measure to prevent the spread of COVID-19. By maintaining a safe distance from others, you can reduce the risk of coming into contact with the virus. This may mean avoiding large gatherings, staying at least six feet away from others in public spaces, and limiting physical contact with people outside of your household.

As we continue to navigate the challenges of the COVID-19 pandemic, it is important to stay informed and follow guidelines set forth by health officials. By wearing masks, practicing good hygiene, and social distancing, we can all do our part to prevent the spread of the virus and protect ourselves and those around us. Together, we can overcome this crisis and emerge stronger than ever.

Activity Bull buyers cautious dips emerges Flag Polygons
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