Polygoon price runs the risk of a significant decrease after forming a bearish technical pattern – unclear growth in its decentralized financing and stablecoin activity.
Polygon (Pol) Token traded on Thursday at $ 0.2355, a few points under the high this week of $ 0.2765.
Defi Lama facts Show that the amount of stablecoins in its ecosystem has continued to recover this month. Stablecoin Supply has risen to $ 1.98 billion, an increase in the low point of $ 1.67 billion. In the meantime, a report from Messari noted that the Stablecoin nutrition on the network jumped with 23% in the first quarter, while the number of active stablecoin roofs rose by 30%. DAI has a market share of 47% on polygon, followed by USD Coin (USDC) and Tether (USDT), with 31% and 13% shares respectively.
Additional data show that the total value on the polygon network makes a slow recovery. TVL is $ 1.03 billion, an increase compared to the low point of $ 736 million. The growth has been even more remarkable in Pol terms, with the figure in January rising to 4.35 billion Pol of 1.86 billion Pol.
Nansen -Data also show that the number of weekly transactions on polygon rose by 9% to 19.27 million, higher than 12 million from Arbitrum (ARB).
Decentralized exchanges Transactions on Polygon have risen by 48.46% to almost $ 1 billion for the past seven days.
The most important challenge of Polygon is that the market share has continued to lose to newer Layer-2 networks such as Unichain, Base and Arbitrum. Unichain, which was launched in February,, for example, treated $ 3.8 billion in transactions.
Technical analysis of Polygoon Prize
The daily graph shows that Pol bottled $ 0.1500 in April and then recovered as the wider crypto market gathered. The token has almost tested the key resistance at $ 0.2863, the lowest level of November last year.
However, the coin has slowly formed an increasing wedge pattern, defined by two upwardly sloping and converging trend lines. This pattern often indicates a potential bearish breakdown when the price approaches the point of confluence.
If a breakdown occurs, Polygon could fall to the next level of support at $ 0.1504, the Low in April, which is approximately 40% below the current price. A decisive movement above the resistance level of $ 0.30 would invalidate the Bearish -by -views.