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Polygon’s breakout odds: Bulls and bears battle over THIS support
The price of Polygon (POL) has reached a critical juncture as it consolidates within a descending triangle pattern. As of January 16, the token was trading at $0.4505, having experienced a minor 0.02% dip in the last 24 hours. The current stalemate between bulls and bears will likely dictate the coin’s immediate trajectory.
The token has been testing the $0.47 resistance level repeatedly, which could set the stage for a strong upward move if broken. A successful breakout above this supply zone would signal bullish momentum, potentially paving the way for a 40% rally toward $0.63.
Alternatively, failure to hold above $0.41 may result in bearish dominance and a downward move.
A significant increase of 1.17% in active addresses within the last 24 hours is an encouraging sign for bulls. This growth reflects higher user engagement, indicating renewed interest in the network. Historically, rising active addresses have signaled growing demand and potential market momentum.
Furthermore, a 1.3% rise in transaction count has reached 2.886K transactions in the past 24 hours. This upward trend demonstrates consistent network usage and increasing user participation. Increased adoption often correlates with bullish sentiment, which could strengthen the likelihood of a breakout above the key resistance level.
A decline in exchange reserves by 1.23%, now at 56.9 million tokens, implies reduced selling pressure as long-term holders accumulate, potentially creating favorable conditions for an upward price surge.
It appears that the current battle between bulls and bears may be crucial in determining Polygon’s short-term trajectory.
Source: ambcrypto.com
