Home Cryptocurrency Polymath Technical Analysis: January 31, 2019

Polymath Technical Analysis: January 31, 2019

The beginning of the 2019 year was not good for the cryptocurrency market, all major cryptocurrencies are falling and the price of Bitcoin is still below $4 000. The price of Polymath (POLY) is also pressured by the weakening of Bitcoin and until Bitcoin recovers the price of POLY will not see any major developments in the near future. The price of Polymath (POLY) currently stands around $0.10 and the first strong sign of recovery would be if the price jumps above $0.40. Polymath is a platform designed to act as an interface between financial securities and the blockchain. This platform has its own POLY tokens that can be used to interact with the platform and according to some estimates, they will probably increase in value. Although the price can weaken even more putting a reasonable amount of money into Polymath could potentially turn out to be a very good investment.

Technical analysis

The cryptocurrency market is in the deep “bearish” phase and according to the current market sentiment, this trend is not over yet. As long the price of Polymath is below $0.40 resistance there is no indication of the trend reversal and Polymath is in the sell zone(Big Investors are still in the short – SELL position on this cryptocurrency). On this chart, I marked resistance and support levels. Resistance levels are $0.20, $0.30 and $0.40, $0.10 represents the current support level. It is very hard to predict where the price of Polymath will go, but if the price jumps above $0.20 it would probably reach $0.30 in the short time period. If the price jumps above $0.40 we have an open way to $0.60. If the price drops once again below $0.10 support that would be a strong “SELL” signal.

Recommendation: It is very hard to explain the actual value of Polymath and because of that, I would recommend everybody to be careful with investing in Polymath. Polymath has a short-term resistance area at $0.20 and it would take a break above this level to confirm a new leg higher towards the $0.30 resistance level. If the price jumps above $0.40 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.35 and take profit at $0.50 or above.

LEAVE A REPLY

Please enter your comment!
Please enter your name here