Pol’s outlook appears highly bearish on the daily chart following steady reductions in the past months. However, it recently slowed down drops after locating a solid ground this month and showed signs of strength.
Looking at the market structure, Pol appears super bearish on the daily chart following a significant correction that hit the entire crypto space since last December. Although many altcoins have recovered nicely from their recent lows due to a latest recovery in Bitcoin’s price.
However, the $0.19 level provided support, and the price increased after a two-week consolidation. This marked a temporal halt in Pol’s bleeding after breaking through several key levels in the past few months.
As we can see, the price has been significantly up since the start of this week, indicating a surge in the buying volume. A further surge in the volume level could bring more buying pressure in the market.
However, we must not forget that the bears are still in charge. If they show up again as a result of rising supply, the price may roll back to the recent low with a potential crackdown. Reestablishing support at this low could fuel a fresh increase.
Currently, the bulls have the upper hand on a daily scale. If they manage to sustain the current momentum for a while, we can expect a significant recovery as they take charge.
Source : Tradingview
Looking ahead, Pol might tap the $0.275 resistance before losing buzz. A further push could send us to the $0.345 resistance. Above this level lies $0.4 for a strong recovery.
Apart from the broken $0.222 resistance (now support), the monthly $0.19 low is still held as support in case of a drop. A dip below this low could slide the price to $0.17 in the future.
Key Resistance Levels: $0.275 $0.345, $0.4
Key Support Levels: $0.22, $0.19, $0.17
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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