Polygon price continued his downward trend on Monday, June 23 and fell to the lowest level since 9 April.
Polygon (Pol) fell to a low point of $ 0.1732, with the wider sale reflected in Altcoins. Token is now falling more than 77% compared to its high in December 2023.
The sale in Polygon is amid a broader crypto-market decline and the falling market share of the network of rising competitors such as Base and Arbitrum. Decentralized exchanges on the processed polygon for example $ 3.82 billion In transactions in the last 30 days.
For comparison: the basic chain of Coinbase dealt with $ 29 billion in the same period, while Arbitrum registered $ 18.9 billion. Newer layer-1 block chains such as hyperliquid and sui have also overtaken polygon in terms of DEX volume.
Polygon has demonstrated strong growth in the flowering Stablecoin sector on a more positive note. Has his stablecoin offer skipped 10% during the last 30 days to more than $ 2.3 billion.
The number of stablecoin transactions on polygon increased this and rose 44% to 81.1 million in the same period. The adjusted transaction volume rose by 35% to $ 52 billion and positioned Polygon as one of the leading chains in Stablecoin activity.
The majority of this activity came through Binance, followed by Polymarket, the popular prediction market platform.
Technical analysis of Polygoon Prize
The daily graph shows that Pol was conceived at $ 0.1500 in April and returned to a peak of $ 0.2754 on 11 May. Since then, the price has been withdrawn and broken under the 50-day advancing average.
Polygon is now approaching a critical level of support at $ 0.1500, suggesting that it can form a double bottom pattern, a common bullish reversal signal.
If the price above this level applies and starts bouncing, the next upward target would be the neckline around $ 0.2757. However, a decisive decrease of less than $ 0.1500 would make the bullish setup invalid and possibly lead further down.