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Polygon [POL] reached another milestone in stablecoin transfers, alongside reports of high trading activity and a large number of stablecoin addresses on the network. The 25.9 million POL burn was also highlighted as a key factor supporting the token’s fundamentals, with additional burns planned in the coming months to tighten the circulating supply.
On the 1-day timeframe, POL maintained a long-term bearish bias. Although a recent bounce pushed the token above the $0.1 level, the local resistance at $0.119 was swept before POL reversed on lower timeframes. The A/D indicator made new local highs, suggesting buyers still have some strength. If that buying pressure persists, POL could rally toward the 78.6% retracement level at $0.1646. In the meantime, the $0.135 level is expected to be the biggest obstacle for short-term buyers. A more favorable scenario would depend on the $0.119 level flipping from resistance to support.
The 1-hour chart showed continued difficulty for Polygon bulls as they pushed prices toward the $0.119 resistance area. On Saturday, February 14, high hourly trading volume and a strong rally suggested a potential breakout. However, the subsequent sell-off also came with high volume, indicating buyers exhausted themselves while driving the price up to resistance. The rejection was immediate, and the move primarily captured liquidity clustered around the $0.11-$0.12 range. The H1 internal structure was described as bearish again, with moving averages nearing a bearish crossover and acting as resistance at the time of writing.
In addition, the analysis cited a Bitcoin rejection from the $70.7k local supply zone as a factor that appeared to increase the likelihood of continued downward pressure on POL over the next few days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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