Rolling back to a year low during recent breakdown, Pol located a solid ground and bounced back with a long-wick. It currently sits well above a key level while trading flat, deciding where next to head.
The aftermath of the recent crash is still causing a lot of FUD among Pol traders as they appear pessimistic of the next direction of the market. As seen on the daily chart, volatility has been extremely low for over a week due to choppy price actions.
This has created a boring trading activity and the price is now trading calmly at around the $0.32 level. Although the bulls attempt to push the price higher but the buying volume is not enough to sustain pressure. If they succeed, we can anticipate a short retracement toward $0.5. A significant increase above this level could lead to a change in the trend.
While the trend is still in favour of the bears, we may see an extension soon. If that happens, the price may roll back to the bottom. However, comparing to other mid-cap altcoins, Pol is yet to see a substantial gain as it continued to trade flat on the daily chart.
Since it was rebranded (from Matic to Pol) last year, the crypto has gained little trading attention coupled with low usage and adoption. It has lost its place among the top major altcoins due to a significant money outflow.
Source: Tradingview
As of now, it holds $0.29 as support. A drop below it could roll us back to the recent low of $0.244. A further dip could collapse the price back to $0.2.
Anticipating a recovery, the key obstacle level to watch is $0.33. If the price surges above this resistance, the next level to watch for an increase would be $0.381 and $0.47 in the future.
Key Resistance Levels: $0.33, $0.381, $0.47
Key Support Levels: $0.29, $0.244, $0.2
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: peshkova/123RF // Image Effects by Colorcinch
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