Pol Price has remained in consolidation for the third consecutive week, but the growing acceptance of the Polygon network now suggests that a potential outbreak rally can be on the horizon.
Summary
- Pol Price has traded in a horizontal parallel channel for the past three weeks.
- The US Department of Trade has selected Polygon for publishing important economic data on the chain.
According to data from crypto.news, Pol (Pol) previous check on Friday, August 29, asian time was traded at $ 0.24 with a market capitalization of more than $ 2.59 billion. The token is currently 26% above its layer in August and 50% above the lowest point this year. Yet Pol remains 54% below the high and less than 80% below the all time of January.
From the moment of the press, a number of bullish catalysts have drawn up who can raise the price of Pol again.
First, the US Department of Trade recently had Selected polygoon As one of the few blockchain networks where official GDP data is placed on the chain.
Such a high -profile acceptance of the government can stimulate a new investor’s interest and the long -term price rating for Pol, because the network is deeper into the global data infrastructure.
Secondly, a Filipino legislator has proposed to use the Polygon Blockchain to secure the national budget -related documents of the country.
If the Filipino government adopts Polygon, it would add a view of visibility for the project and add to its credibility. This can in turn support his bullish price action in the coming months.
Thirdly, the Ethereum scale recently has recently upgraded His USDT offer to a native, Omnichaha-compatible format that is known as USDT0. As a result, polygoon users are no longer obliged to bridge Ethereum and can therefore enjoy cheaper transaction costs in Defi protocols.
Polygon also appears as a solid competition in the Real-World Asset (RWA) sector. Securitize, a leading platform for assets -tokenization of real -unworld, recently implemented More than $ 72.9 million WORTH from Tokenized assets on Polygoon, including offers from financial giants such as BlackRock (Buidl), Apollo (ACRED) and Hamilton Lane (Scope).
Since the beginning of August, on the daily graph, Pol has been consolidating within a narrow range from $ 0.22 to $ 0.26, which forms a horizontal parallel channel, a pattern that is typically interpreted as a continuation zone before an outbreak.
A decisive movement above the upper limit of this channel would indicate a potential bullish breakout, while a breakdown under the lower limit could confirm a trend remover to the disadvantage.
Technical indicators are currently supporting a bullish prospect. The Supertrend indicator has reversed Green, which is often seen as a buying signal by Momentum traders. Even more importantly, the 50-day simple advancing average above the 200-day SMA has been crossed, which confirms a Golden Cross, a strong bullish indicator in technical analysis.
In view of these factors, a confirmed outbreak above the psychological resistance level of $ 0.26 could open the door for further profit, especially if the Golden Cross continues to supervise the price action in the short term.
If a bear box, when Pol breaks under the parallel channel, the price can slide lower to the nearest support, which is currently at $ 0.19 and the Low of August August.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
